The First Home Loan Deposit Scheme is an Australian Government initiative to support first home buyers purchase their first home sooner by underwriting home loans for them. The new government scheme allows approved applicants to take out a mortgage with just 5% deposit and avoid paying Lenders Mortgage Insurance.⠀⠀⠀⠀⠀⠀⠀⠀⠀
The scheme is open to individuals who are earning up to $125,000 per year, as well as couples with combined earnings of up to $200,000. To be eligible, first home buyers must demonstrate that they have saved at least 5% of the value of the property they are purchasing.⠀⠀⠀⠀⠀⠀⠀⠀⠀
For more information, applicant criteria and eligibility visit: https://www.nhfic.gov.au/what-we-do/fhlds/⠀⠀⠀⠀⠀⠀⠀⠀⠀