As part of the recent Federal Budget handed down, the Government announced that another 10,000 places would become available in the First Home Loan Deposit Scheme (FHLDS) as of the 1st of July 2021.
The FHLDS was introduced in 2020 in order to help first home buyers get their foot in the door, allowing a first home buyer to purchase a property with a deposit as little as 5%, without needing to pay Lenders Mortgage Insurance (LMI). The FHLDS is available to people either buying or building their first home.
Eligible properties for the FHLDS are capped based on their purchase price. This time around, the cap has been increased and in regional South Australia (Mount Gambier/Naracoorte/Millicent etc.) houses under $350,000 will now be eligible – up from $250,000 last year. In Adelaide, the price cap has increased to $500,000.
In Victoria, price caps have increased to $500,000 in regional areas and $700,000 in metropolitan areas (Melbourne).
As of the 21st of June, Zobel now have access to lenders who will accept applications on the basis of the FHLDS spots available on the 1st of July.
We understand how exciting and daunting obtaining your first home loan can be, so we’re here to help and walk you through the process.
Here’s some more information on ‘The Home Loan Process’ to get you started and for more information please give us a call (08 8723 4088) or request a time for a free appointment below.
For a full rundown on the FHLDS, please view the official ‘Fact Sheet’.