10,000 more opportunities to help Australians buy their first home sooner
From today, 10,000 new places under the Government’s First Home Loan Deposit Scheme will become available for the 2020-21 financial year.
Under the Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as five per cent.
Through the National Housing Finance and Investment Corporation (NHFIC), the Australian Government guarantees up to 15 per cent of the assessed property value to a participating lender.
“To date we’ve seen widespread appeal of the Scheme across all states and territories, including regional and metro areas,” NHFIC CEO Nathan Dal Bon said.
“Notwithstanding the current challenges posed by COVID-19, we anticipate that there will be continued demand for these new 10,000 places.”
First home buyers can check their eligibility and apply for one of the 10,000 Scheme places for the 2020-21 financial year through a panel of 27 participating lenders.
Applications from 1 July will require a 2019-20 Notice of Assessment from the Australian Taxation Office to demonstrate that their taxable income is no more than $125,000 for individuals and $200,000 for couples.
For more information on the Scheme, contact a participating lender or view the scheme details here.