First Home Loan Deposit Scheme Applications Open
The federal government has announced that lenders have commenced accepting applications for the extended FHLDS (New Homes).
From 3 November, first home buyers (FHBs) will be able to apply to the First Home Loan Deposit Scheme (FHLDS) (New Homes) lending panel lenders to secure a guarantee to build a new home or purchase a newly built home with a deposit of between 5 and 20 per cent of a property’s value.
The FHLDS (New Homes), formerly called the FHLDS New Home Guarantee, was among the measures announced by Treasurer Josh Frydenberg in the 2020-21 federal budget. The extended scheme provides an additional 10,000 places and government guarantees to FHB loans new homes and newly built homes. Eligible properties include:
newly constructed dwellings (e.g. whether a freestanding house, townhouse or apartment)
off-the-plan dwellings (e.g. whether a freestanding house, townhouse or apartment)
house and land packages
land and a separate contract to build a new home.
The FHLDS (New Homes) is means tested, similar to the the original FHLDS. The additional scheme allocations are available to FHBs that are Australian citizens and at least 18 years old.
If you're looking to purchase your first home and thought you needed a 20% then you should talk to us today. Purchasing your first home can be hard, however their are many ways to get into the market earlier than you thought.
Book in a Free Home loan Discovery call with us so you can take full advantage of the available grants and understand what your current position is.