Usually first home buyers are required to have saved up a 20% deposit or take out lenders mortgage insurance (LMI).
The FHLDS scheme is a new scheme guaranteeing 10,000 low deposit home loans with the borrowers only requiring as little as a 5% deposit and without paying lenders mortgage insurance.
This could save first home buyers $10,000- to $40,000 depending on deposit size, loan amounts etc.
When the First Home Loan Deposit Scheme (FHLDS) released 10,000 spots – 5,000 were released to the NAB and CBA. These 5,000 spots filled up almost immediately. The remaining 5,000 spaces were released to 25 ‘non-major lenders.’
Whilst the NAB and CBA no longer have any available spots, there are still spots available with these 25 non-major lenders.
Same opportunity, better rates and packages are on offer… in fact there is no negative except the name of the lender.
The main conditions are;
To check full FHLDS eligibility requirements go to www.nhfic.gov.au
It presents an opportunity for your friends and family who are first home buyers to get into the market without a 20% deposit and pay no mortgage insurance.
There is a hard cap of 10,000 FHLDS loans for the calendar year, as this year is a trial year – at the moment about 4,000 places remain.
With so few spots remaining it might be wise to prod anyone you know who could qualify for the FHLDS to pick up the phone and calling +61 07 2143 8230 or emailing us and we’ll help them navigate it, or maybe even find them another way to get into their first home.
Ari & Nadene ThomasWe recently worked with Justin refinance our loan. This is the 2nd time working with him and both times have been a pleasure.
Justin has always gone above and beyond to assist us to ensure we get the best possible service. Not only does he show a professional attitude toward his role, but he also shows a genuine interest in our family to assist with our financial matters.
I would have no hesitation in recommending Justin to people important in my life.
Matthew KGreat communication from Justin who helped through a fairly tumultuous time in our lives. We genuinely appreciated the hand-holding and methodical approach they used to help us secure out first home.
Yours sincerely Matt, Kit and our new baby Sapphire ❤
Mitch and AngieWe’ve had a very positive experience with Justin after being referred to him by our Financial Advisor. Justin’s communication was fantastic and he was always careful to explain each step of the way to us throughout our refinancing experience. We would certainly work with Justin again in the future given the chance!
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