First Home Loan Deposit Scheme:

• The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
• Usually, first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5 per cent (lenders criteria also apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
• 10,000 First Home Loan Deposit Scheme places will be available for the 2021-22 financial year from 1 July 2021.

Please contact us to Find a list of participating banks in the scheme that can help you apply for the First Home Loan Deposit Scheme.

Family Home Guarantee for single parents:

• The Australian Government has announced a new program called the Family Home Guarantee, which provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan.
• From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
• The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier.

Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000

You can find more information about the FHLDS (New Homes) and FHLDS, including eligibility requirements on the National Housing Finance and Investment Corporation (NHFIC) website.