"Additional grants will not only help first home buyers but also support the jobs of Australia's Tradies at a time when the economy needs it most" 

The grant implemented just after we introduced GST guarantees first timers a loan to purchase their first homes with minimal deposit and remove expensive lender's mortgage insurance.

If you're interested in finding out more about government criteria and lending eligibility, there are options of over twenty-five lenders ready to work with you.

Borrow up to 95% of the property value based on conditions to qualify from lenders like Rams and NAB and buy or build your first new home.

First Home Loan Deposit Scheme

FACT SHEET 2021-2022

What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).

Who is eligible for the Scheme?

The Scheme assists single (individual) applicants and couples (together) who have at least 5 per cent of the value of an eligible property saved as a deposit.

If 20 per cent or more is saved, then the home loan will not be covered by the Scheme.

How to apply?

Eligible first home buyers can apply for the Scheme through a participating lender. The full list of participating lenders is at NHFIC

There are no costs or repayments associated with the Scheme guarantee. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the guarantee.

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 Until next time and thanks for yours!