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.