Latest News - February
Thousands Take up First Home Loan Deposit Scheme: More Places Now Available
Since changes to the First Home Loan Deposit Scheme (FHLDS) kicked in on January 1, the banks have registered 6,000 potential first home buyers. It’s no wonder the scheme has been popular amongst first home buyers, as it allows eligible low and middle income earners to purchase a home with a deposit of as little as 5 per cent.
This financial year, NHFIC has released 10,000 FHLDS places, with another 10,000 places available from July 2020. To break down the numbers even further, 5,000 Scheme places were made available to the major banks – CBA and NAB – all of which have been reserved by prospective purchasers for this financial year. The remaining 3,500 Scheme places for the current financial year are being offered through 25 non-major lenders. Most of these Scheme places are still available to be reserved by potential first home buyers.
According to NHFIC, the staged release of Scheme places provides first home buyers with the opportunity to gather the necessary financial information to support their application and enables a broader choice between the major banks and smaller lenders.
If you are planning to apply for the FHLDS, here is what you need to do:
- 1. Check your eligibility – Using the NHFIC online tools
- 2. Secure your spot – Apply through a participating lender
- 3. Buy your home – Purchase a property that meets the conditions of your scheme approval within 90 days
- 4. Move in – You must move into your new home within 90 days of settlement
If you are looking for your perfect opportunity to build at Bowery, why not take advantage of the FHLDS and choose one of our eligible house and land packages now selling for under $600k?!