The First Home Loan Deposit Scheme (FHLDS) is now available to help eligible first home buyers purchase a home faster. What does that mean? With just a 5% deposit and no lenders’ mortgage insurance (LMI)… if you meet the criteria you could be saving tens of thousands of dollars and be able to buy your dream first home earlier than you might have thought!
So what is LMI for first home buyers?
LMI is designed to protect the lender if the borrower can’t afford to meet their home loan repayments. On a normal property purchase when you are required to pay LMI, it typically costs tens of thousands of dollars.The good news for first home buyers is that there is NO LMI payable under this scheme. It’s never been so easy to make your first home dreams come true!
Am I eligible?
You are eligible if you fulfil the following criteria:
- Australian citizen
- Genuine First Home Buyer, and going to live in the home
- You have a 5% deposit.
- Earn less than $125,000 a year as a single or $200,000 for couples
- Must purchase a home below the property value threshold for your area
When should I apply?
You will need to act fast – you must be one of the first 10,000 to be approved to receive these benefits. The First Home Loan Deposit Scheme is likely to attract an influx of first home buyers to the market. Make sure that you are prepared so that you can increase your chances of being mortgage ready.
Who can I ask for help?
There are only a few lenders participating in the scheme, and the Mortgage Broking team at APS Benefits know exactly who they are. We will be there every step of the way by doing all of the nitty gritty work on your behalf so that you don’t have to worry about the time and stress of doing it yourself.
Call Tony and Sam on 1300 131 809 or email info@loans.com.au and we’ll help you with any questions that you might have – big or small.