BREAKING NEWS: First Home Loan Deposit Scheme - 10,000 new places up for grabs!
There has been good news for First Home Buyers in the Federal Budget announced last night.
The First Home Loan Deposit Scheme (FHLDS) provides eligible First Home Buyers assistance with buying a home with as little as 5% deposit, while avoiding paying any Lenders Mortgage Insurance. The 20,000 places already released this year in January and July had been filled.
As a helping hand to First Home Buyers, a further 10,000 places have been announced and will shortly be available via participating lenders.
Unlike the current places under the Scheme, to be eligible for one of the 10,000 new places on offer, First Home Buyers must purchase a newly constructed property, buy off the plan or build. The $600k maximum purchase price for metro Melbourne has also been increased to $850k.
As a deposit is often the hardest part of the home buying process for young buyers, by avoiding Lenders Mortgage Insurance it means that First Home Buyers will be able to get into their first homes faster.
While not all First Home Buyers will want to go down the path of buying a new property or building, for those who do, the rush will be on to snag a place in the scheme. With the offer being available to First Home Buyers Australia wide, if previous releases have been anything to go by, spaces in the scheme are quickly filled by eager buyers.