What is the First Home Loan Deposit Scheme?
What is it?
In October 2019, the Federal Government announced that from 01 January 2020, they would be rolling out a new scheme that will help first home buyers purchase their first home with as little as a 5% deposit, without having to pay LMI (Lender Mortgage Insurance), to their lender.
Under the scheme, 10,000 eligible buyers per financial year will be granted the assistance on a “first in, best dressed,” basis. The National Housing Finance and Investment Corporation (NHFIC) has reported that already, 3,000 applicants have been granted the assistance, with 7,000 positions still available before 01 July 2020.