First Home Loan Deposit Scheme – October 2020

GOOD NEWS FIRST HOME BUYERS!

The Federal Government First Home Loan Deposit Scheme has been extended for First Home Buyers, with an additional 10,000 First Home Loan Deposit Scheme places now available.

The National Housing Finance and Investment Corporation (NHFIC) will provide a guarantee for eligible first home buyers on low and middle incomes so they can purchase a new home with a deposit of as little as 5%*.

What’s even better?

You could even take advantage of the Australian Government’s $25,000* HomeBuilder Grant for all new home buyers, which could mean savings up to $45,000* for First Home Buyers ($10,000 in Metro Victoria and $20,000 in Regional Victoria)!

But, you need to act fast to take advantage of this opportunity. With limited time only, what are you waiting for?

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What is it?

The First Home Loan Deposit Scheme is designed to get eligible buyers into their first home sooner without having to pay Lender’s Mortgage Insurance. Basically, it means a lower deposit and big savings for First Home Buyers.

How does it work?

Under the First Home Loan Deposit Scheme, you’ll be required to contribute a minimum of 5%* of the property’s value towards the deposit. The NHFIC will then provide a guarantee covering up to 15% of the property’s value.

When is it available?

The Government announced on October 3rd that there would be an additional 10,000 places for new home purchases in the next financial year. Enquire today to see if you qualify thanks to our in-house finance specialists, Resolve Finance.

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Are you eligible for the First Home Loan Deposit Scheme? Enquire today to see if you qualify thanks to our in-house finance specialists, Resolve Finance.

Your Details

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5%* down on House & Land Packages like these...

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Additional eligibility criteria

Principal and interest loans
To be eligible for the First Home Loan Deposit Scheme you must take out a loan that requires the scheduled repayments of the principal of the loan for the full period of the agreement. That is, interest-only loans are not permitted for the purposes of this Scheme except in specific circumstances including the construction of a new home, as outlined below.

Building a new home
If you are purchasing vacant land for the purpose of building a new home, your loan must relate to both the land and the home construction. Such a loan may be an eligible loan even if the terms of the loan agreement permit interest-only payments for a specified period.

This is a guide only and is not intended to be your sole source of information when making a financial decision and you may wish to consider getting advice from a licensed finance professional. To find out more about the application process, please click here.

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*TERMS AND CONDITIONS APPLY

This is a guide only and is not intended to be your sole source of information when making a financial decision. We recommend that you consider obtaining advice from a licensed finance professional. First Home Loan Deposit Scheme, HomeBuilder Grant and First Home Owners Grant eligibility is at the discretion of State and/or Federal Government. Lenders eligibility criteria also applies. All finance solutions provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN: 65 079 545 378 Australian Credit Licence No. 385487.

For further information, please click the below links:

 

Information on this page does not consider your personal needs and financial circumstances and you should consider whether it is appropriate for you. Lenders terms and conditions apply and may vary. Eligibility is at the discretion of State and/or Federal Government, further Federal information here and State here. All Financial services provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN: 65 079 545 378 Australian Credit Licence No. 385487. Please refer to the relevant State & Federal Government media statements here.

$45k Government Grants includes:

  • $25K HomeBuilder Government Grant.
  • Plus, $20k First Home Owners Grant for regional locations, or $10k First Home Owners Grant for Melbourne metropolitan locations (subject to SRO eligibility).