First home buyers can now take advantage of the federal government's First Home Loan Deposit Scheme, which opened with limited places yesterday.
The scheme is open to the first 10,000 applicants and is expected to be snapped up quickly by eager first home buyers.
So, how can you access the scheme and what are the restrictions?
Eligibility
To work out if you are eligible for the scheme, use the flowchart we have created below:
Success! You may be eligible for the First Home Loan Deposit Scheme. The next question to ask is how much you can borrow.
How expensive can the property be?
There are property price thresholds set as part of the scheme (see below).
For example, in Sydney the scheme can be used for properties up to $700,000 in price.
In Adelaide, Perth and Hobart the price can only be up to $400,000 - however, these cities have lower median house prices and are more affordable.
How do I access the scheme?
NAB and CBA are the only two lenders that can offer guaranteed loans from 1 January 2020. Starting from 1 February 2020, 25 non-major lenders will also begin offering guaranteed loans.
To access NAB's lending portal, click here: https://www.nab.com.au/personal/home-loans/first-home-loan-deposit-scheme
To access CBA's lending portal, click here: https://www.commbank.com.au/home-loans/first-home-loan-deposit-scheme.html
How can Property Investment Coaching help?
Buying your first home can be a big decision. We have worked with hundreds of first home buyers to help them find the right property, in an ideal location and secure the best mortgage rate.
For help buying your first home, email shayne@propertyinvestmentcoaching.com.au or call 1300 944 039 .
Comentarios