What is the First Home Loan Deposit Scheme?
The federal government has launched an initiative to assist people in entering the housing market for the first time by underwriting home loans for first home buyers. The new government scheme for first time buyers allows approved applicants who meet the eligibility criteria to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance. The scheme is only available to the first 10,000 applicants per year.
TIP: We would recommend any person considering the First Home Loan Deposit Scheme obtain financial advice regarding the scheme prior to applying.
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