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.
Kobus&WillemienJustin assisted us in buying our first house, in Australia, 10years ago. He just did it again with our second house. Same old story again… Always helpful, always available, always friendly. We didn’t had any stress, he just sorted it and came up with the best results to suit us. What a pleasure to work with. Thanks Justin, you just made it so easy.
Brendan ConquestWe have been working with Justin for almost 10 years and he has always made the process easy and time efficient. Justin’s help to get things over the line is stress free and uncomplicated, he always handles everything with such care and compassion.
We are extremely grateful for Justin’s services and would highly recommend him and the MAP home Loans team to anyone in need of help, advice or guidance with their home loans.
Thank you, Justin!
Timothy RussMy Wife and I worked with Justin to purchase our first home and we couldn’t be happier with the help we received to make our dream a reality. Justin had answer’s to every question and made it very easy to understand how it all works. I highly recommend using Map home loans to take the stress out of buying a house.
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