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The First Home Loan Deposit Scheme could help you get into your own home sooner

Posted on January 16, 2020 in Finance , First Home Buyer

Couple happy with First Home Loan Deposit Scheme

The Australian Government launched its First Home Loan Deposit Scheme on 1 January, 2020 to support eligible first home buyers in purchasing their own home sooner.

Since then, 3,000 potential first home buyers have already registered, meaning there are just 7,000 remaining places up for grabs.

The scheme provides a guarantee that allows eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent, without needing to pay for lenders mortgage insurance. Even better, eligible first home buyers in Western Australia can use the guarantee in conjunction with the First Home Owners Grant.

To qualify, singles must earn less than $125,000 per year and couples (married or de-facto) must earn less than $200,000 per year. Property prices are capped at $400,000 for Perth and $300,000 for the South West.

With affordable packages and access to government lending, it’s never been easier to get into a home of your own.

Contact us today to see if you qualify!

Finance provided by Harrisdale Pty Ltd t/as The Loan Company (Australian Credit License No 386355). The information shown is current at the time of posting and is subject to change.