First Home Loan Deposit Scheme Australia | Businesses

First Home Loan Deposit Scheme Australia

Phone: +61 402 155 544

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03.01.2022 The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent. How it works is that instead of saving up all of your deposit the Australian Government will guarantee up to 15% of the deposit amount. You still need to save a minimum of 5% ...plus have money for puchase costs and then the eligible Bank could lend you 95% without Lenders Mortgage Insurance being charged, potentially saving you many thousands of dollars. The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.