Have you heard of the First Home Buyers First Home Loan Deposit Scheme?
KEY TAKE OUTS:
- The Federal Government has introduced the First Home Buyers First Home Loan Deposit Scheme which is due to commence from 1st January 2020 which will assist first home buyers with being able to borrow to purchase their first home!
From 1st January 2020, the First Home Loan Deposit Scheme will commence. This scheme is aiming to help first home buyers enter into the property market sooner by providing a Government guarantee that allows the first home buyer to purchase a home with a deposit of only 5%.
The scheme means that the additional amount required to reach a 20% deposit will be guaranteed by the Government, which ensures that the borrowers will not need to pay lender’s mortgage insurance, giving first home buyers a saving of up to $10,000.00. The support from the Government will stay in place for the life of your loan.
An income threshold will apply to this scheme. You qualify if you are a single earning up to $125,000.00 or a couple with a combined income of up to $200,000.00. You must also both be first home buyers.
There is a catch! This offer is only open to a maximum of 10,000 loans every year – so get in quick!
ABOUT CARINA NOVEK:
As a Licensed Conveyancer, Carina specialises in property law. She has over 20 years experience in conveyancing and is the perfect person to help get you into your first home today!
For further information please don’t hesitate to contact:
This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you.