As part of the 2020-21 Federal Budget, the Australian Government has committed an additional 10,000 First Home Loan Deposit Scheme (FHLDS) places for the 2020-21 financial year, specifically for eligible first home buyers purchasing new homes.
For more information please visit our dedicated page on the FHLDS (New Homes).
As an approved lender for the Australian Government’s First Home Loan Deposit Scheme, we can help eligible first home buyers to purchase a home with a deposit of as little as 5%, and the added bonus of not having to save for Lenders' Mortgage Insurance (LMI).
The Australian Government have confirmed the rollover of 1848 unused First Home Loan Deposit Scheme places from FY2019-20. Eligible first home buyers can apply for one of these FHLDS places before 30 June 2021. These 1848 Scheme places form part of the FHLDS, not the FHLDS (New Homes). The existing Scheme rules and timelines apply for these places, including the requirement to provide a FY20 Notice of Assessment.
Please speak with our Home Lending Specialists to discuss the options available to you.
Take the test to see if you're eligible for the First Home Loan Deposit Scheme.
To read more about the eligibility requirements, click here.
Check out the fact sheet from the NHFIC (National Housing Finance and Investment Corporation) to read more about the benefits and requirements of the First Home Loan Deposit Scheme.
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No. The First Home Loan Deposit Scheme allows first home buyers with deposits as low as 5% to get a home loan without paying Lenders' Mortgage Insurance (LMI) fees.
People's Choice Credit Union launched the First Home Loan Deposit Scheme in February 2020.
Yes. The First Home Loan Deposit Scheme applies property purchase price thresholds, which are based on where the property is located. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool.
You can check your potential eligibility on the NHFIC website
People’s Choice will offer the Scheme from 1 February. To speak to one of our Home Loan Advisors, complete the enquiry form here.
The First Home Loan Deposit Scheme is an 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 to purchase a home with a deposit of as little as 5 per cent (lender's criteria apply). More information can be found in NHFIC Fact sheet
The Australian Government has introduced the First Home Loan Deposit Scheme to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent and the additional benefit of not having to save for lenders mortgage insurance (LMI).
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