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First Home Loan Deposit Scheme: Helping Aussies own their first home

 

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06/04/2020

Thanks to lower mortgage rates, more relaxed home loan servicing rules and government-backed homeownership assistance projects, housing affordability has improved in Australia.

This has led would-be property buyers to look for pieces of land for sale, as well as house and land packages in popular community estates across the Townsville region.

These developments have especially benefited first home buyers. According to the Australian Bureau of Statistics report in August 2019, first home buyers made up 29.8 per cent of the national housing market. This number is likely to increase with the introduction of the First Home Loan Deposit Scheme.

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme or FHLDS is a government-backed initiative that provides low- and middle-income first home buyers with a 15-per cent guarantee that enables them to purchase a home for a deposit as low as 5 per cent. Typically, you have to prepare a 20 per cent deposit if you cannot pay the extra cost of lenders mortgage insurance (LMI).

The scheme took into effect on the 1st of January 2020. Since then, the National Housing Finance and Investment Corporation (NHFIC) says banks have already registered 3,000 potential first home buyers interested in FHLDS. With only 10,000 slots available for the first half of the year, the remaining 7,000 slots will be available on 1 February 2020. Another 10,000 will be available from July 2020.

Who is Eligible for FHLDS

The FHLDS is open to both single individuals and couples. Three or more borrowers and borrowing with a relative are not allowed. The NHFIC has a tool on their website that helps interested applicants find out whether they meet the eligibility criteria. But in summary, you are eligible if you:

  • Are an Australian citizen, at least 18 years of age.
  • Had a taxable income for the previous financial year that wasn’t more than $125,000 for single individuals and not more than $200,000 combined for couples.
  • Have never owned or had an interest in any real property in Australia, either separately or jointly.
  • Have a deposit amount of between 5 and 20 per cent of the property’s value.
  • Want to purchase a residential property up to the value of $400,00 – this is the purchase price threshold for Townsville and throughout regional QLD. Check NHFIC’s website for more details on thresholds in other locations around Australia.

How to Apply for FHLDS

Homeownership is only four steps away. Here’s how to apply for FHLDS:

  1. Check your eligibility

Check using NHFIC’s eligibility tool. If you tick all the boxes, you’re good to go!

  1. Submit your application

Contact a trusted mortgage broker from the Maidment Group who can help lodge your application and answer other finance questions you might have. Our in-house brokers will take care of all the hard work, including conducting a financial health check for you.

  1. Buy your home

Choose a property that meets the qualifications of the scheme and buy it. Look for value for money, as well as quality of the property and, of course, desirability of location.

  1. Move in

Congratulations! You can now enjoy being a first-time homeowner!

Looking for a great home to purchase with your FHLDS is easy with the Maidment Group. From residential land to ready-built homes, you can fulfil your homeownership dream in Townsville with our progressive properties.

Contact Maidment Group today and we’ll start realising your dreams.

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