First Home Loan Deposit Scheme (FHLDS)


First Home Loan Deposit Scheme (FHLDS)

Supporting first home buyers :

*You MUST note that this guide is given as general information and doesn't imply that you will get either a guarantee or a loan from lenders or government.

What is the First Home Loan Deposit Scheme (FHLDS)

The First Home Loan Deposit Scheme has been designed to support qualified buyers in their first home without paying the lender mortgage insurance (LMI)

How does First Home Loan Deposit Scheme (FHLDS) work?

Qualified borrowers can obtain a restricted guarantee from the Government of Australia to buy their first home with a deposit of as little as 5%.

When will First Home Loan Deposit Scheme (FHLDS) available?

Starting 1 January 2020, the Program will fund up to 10,000 loans every financial year.

Eligibility:

        • Applicants must be Australian citizens,
        • 18 years of age or older
        • First home buyer owner occupier
        • Looking to purchase property in Australia
        • Have a minimum 5% deposit
        • Applicants must also satisfy an income test eligible
        • The Scheme is open to singles or couples
          • Arrangements with other people will not be accepted, for example, siblings or friends.
          • This program only assists genuine first home buyers.

Income Test:

        • Singles up to $125,000 (Taxable Income)
        • Couples up to $200,000 (Combined Taxable Income)

Type of Properties:

        • Residential property
        • A purchase price under the price cap
        • Be purchased by an eligible first home buyer/s
        • At the settlement date, you will be the sole registered owner/s of the property.
        • The property must be (1) an established, or (2) a new-build (purchased under a house and land package)

Property price thresholds :

There are price limits on properties that vary depending on where you purchase. You can determine the price of your property using the online tool of NHFIC

For detailed and updated information, please refer to Property price thresholds.

How To Apply :

FHLDS starts on 1 January 2020.

Once the program Starts, applicants can lodge their application through participating lenders and their authorized representatives.

NHFIC will not accept applications directly and is not able to provide personal financial advice.

For detailed and updated information please refer to NHFIC.

Download the information sheet on the scheme

The government has created an online platform to help people recognize whether they are qualified for the scheme to make it simpler. Just choose from below if you want to apply as an individual or as a couple.

There are price limits on properties that vary depending on where you purchase. You can determine the price of your property using the online tool of NHFIC.