Buy Your First Home With 5% Deposit Without LMI

First Home Loan Deposit Scheme (FHLDS) will start from 1 January 2020.

First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support first home buyers purchase a home sooner.

It allows eligible first home buyers to purchase a home with a deposit of as little as 5 percent without the need to have a lender's mortgage insurance.

The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.

Who's eligible for FHLDS

To be eligible for FHLDS, you must meet the following conditions:

• The Australian citizen of 18 years or older. (Permanent resident is NOT eligible)
• Singles with taxable income up to $125,000 or couples with taxable income up to $200,000 per annum in the financial year of application
• Couples must be married or in de -actor relationship Never bought a property, wholly or jointly. with other parties
• Never bought a property, wholly or jointly. with other parties

What property you can buy

The property must be for the purpose of principal residence and cannot be used as an investment.

The loan must be on principal plus interest repayment.

A wide range of properties is eligible, such as an established house, apartment, townhouse, land, and construction or off-the-plan purchase of apartment and townhouse.

However, the property price thresholds apply. For Sydney, for example, the property price is capped at $700,000 and Melbourne for $600,000.

If you know the suburb you want to buy into, simply let us know the postcode and we'll find the price threshold for you.

How we can help you

As the accredited mortgage broker, we can help you prepare the application and source and negotiate the best loan solution that suits your individual situation under the Scheme.

Our business insights and experience will make your journey of home purchase hassle-free.

If you have any questions or want to arrange a pre-approval application under the Scheme, simply give us a call.