First Home Loan Deposit Scheme
The Government’s deposit scheme assists first home buyers to purchase a home with as little as 5% deposit avoiding paying lender mortgage insurance. An individual is eligible if earning less than $125,000 and for couples less than $200,000.
For NSW capital cities and regional centres, homes are capped at $700,000. For the rest of the state it is capped at $450,000.
The government is acting as guarantor on the loan so that the borrowers don’t have to pay lenders mortgage insurance. If you refinance your home, you will no longer be eligible for support by the government.
The government has also capped the number of homebuyers it will support at 10,000 per year. Already 3,000 homebuyers have benefited from the scheme.
Please contact us and we will help you purchase your first home!