From 1 July 2021 to 31 June 2022 the First Home Loan Deposit Scheme will be available to 10,000 eligible first home buyers.
The First Home Buyer Loan Deposit Scheme is an Australian Government program to support eligible first home buyers purchase their first home sooner.
Under the scheme, National Housing Finance and Investment Corporation will enable eligible first home buyers to purchase a home with a deposit as little as five per cent 5% (subject to lenders requirements).
The property purchase must be for a “residential property” which includes:- an existing house, units, house and land packages, land Contracts – with separate Building Contracts and off the plan purchases of an apartment or townhouse.
There are purchase price caps meaning the value of the residential property must not exceed certain purchase price amounts. New South Wales Capital City and Regional Centres are capped at $800,000.00 and the rest of the State is capped at $600,000.00.
Not all financial institutions are offering the scheme, some participating lenders are Commonwealth Bank, Community First Credit Union, National Australia Bank and Police Bank.
You can find more information at Australian Government on 1800 549 767 or contact our friendly property department team on 02 4721 6200.
Written by Megan Johnson.