One of the biggest challenges for those looking to enter the property market for the first time is building up a deposit. Go Mortgage has access to multiple banks & Lenders that partner with the Australian Government on the First Home Loan Deposit Scheme (FHLDS) to help more first home buyers reach their dream of home ownership sooner.
What is the Scheme?
The FHLDS is an Australian Government initiative that will support eligible first home buyers to purchase a home with a deposit of as little as 5%. The National Housing Finance and Investment Corporation (NHFIC) will then provide a guarantee covering up to 15% of the property’s value.
Who is eligible?
Find out if you meet the Scheme’s eligibility criteria. Please note that this tool is provided as a guide only and does not guarantee that you will receive either a Scheme place or a loan from Gateway Bank.
– Do you have your Notice of Assessment, issued by the ATO, for the last Financial Year ?
– Was your taxable income no more than $125,000 as a single, or no more than $200,000 as a couple (spouse or de facto) in the last Financial Year?
– Are you an Australian citizen?
– Are you 18 years or over ?
– Do you satisfy the prior property ownership test? (i.e. have you never directly or indirectly owned real estate)?
– Do you have a deposit of between 5% and 20% of the purchase price of the property you would like to purchase?
– Do you intend to reside in the property you purchase as an owner-occupier while your home loan is guaranteed under the Scheme?
– Is the property purchase price within the threshold for your property’s suburb and postcode? You can check this using the NHFIC’s property price threshold tool.