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.
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.
Cheers,