How To Get In The Property Market Soon
The First Home Loan Deposit Scheme has been introduced by the Government to help First Home Buyers get into the property market sooner.
Instead of spending years trying to save a 20% deposit, the Government can guarantee you 15% of the deposit if you have 5% of the purchase price saved. You will also avoid the usual Lenders Mortgage Insurance.
To be eligible for the scheme, you must satisfy the Governments criteria. Apart from being First Home Buyers and Australian Citizens, individual applicants must have earned less than $125,000.00 and couples less than $200,000.00 in the last financial year.
The price of the property you wish to purchase will also need to fall within the price cap of up to $700,000.00 for a property in a capital city or regional centre (eg. Newcastle or Wollongong) and up to $450,000.00 for the rest of the state.
To apply for the First Home Loan Deposit Scheme, you can apply with any lender participating in the scheme.
If you are thinking about purchasing your first home and think you might like to take advantage of the First Home Loan Deposit Scheme, or would like further information, please feel free to contact our office on 02 6542 5566 and we will put you in touch with a Bank participating in the scheme who will be able to assist you.