Hello Jorah. Welcome to the forums.
The first home loan deposit scheme
allows first home buyers with alow deposit
to buy a house without paying tens of thousands in lenders mortgage insurance (LMI)
If you qualify for the scheme, when purchasing a $665,000 house with a 10% deposit, you’re looking at saving anywhere between $10,127-$14,903 in LMI fees depending on the lender’s mortgage insurer.
To qualify for the first home loan deposit scheme, first home buyers:
- Must have a minimum of 5% of the purchase price as the deposit.
- Must not be earning more than $125,000 p.a for singles and $200,000 for couples.
- The value of the home you can purchase under the scheme will be determined by the regional property market prices likely similar to the first home owners grant (FHOG) property price criteria.
Please note that this scheme will only be available to $10,000 borrowers a year which is only 10% of the total first home buyers from 2018. The scheme will come into effect from January 2020 and all the full details have not yet been released.
We specialise in low deposit home loans.
Speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743
or by filling in our free assessment form
to find out if you qualify for a home loan with a low deposit.