10,000 Extra First Home Loan Deposit Scheme (FHLDS) Places Announced

First home buyers have another reason to smile.

The Australian Government has opened up 10,000 extra places in their First Home Loan Deposit Scheme to support the purchase of a new, or newly built, home.

This will come as welcome news for anyone considering buying their first home. Under the scheme, eligible home buyers can purchase a property with as little as a 5% deposit.

To find out if you’re eligible, schedule a no-cost, obligation-free chat with an Aussiewide home loan expert today.

The scheme is intended to help first home buyers overcome the barrier of saving a large deposit for a home despite their ability to otherwise pay off their mortgage.

“The Government recognises that saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan.”

The Hon Josh Frydenberg MP, Treasurer

Twenty thousand Aussie home buyers have already taken advantage of the scheme in 2020. The recent announcement of an additional 10,000 places comes as part of the Federal Government’s Economic Recovery Plan to drive construction and support jobs across the country.

Eligible first home buyers may also benefit from the First Home Super Saver Scheme, HomeBuilder, and other incentives at the state and regional level.

For more information, including eligibility, price thresholds and application details, visit the National Housing Finance and Investment Corporation (NHFIC) website.

If you are considering buying your first home in the Geelong or Bellarine Peninsula region, and you would like some help taking advantage of this scheme plus other government incentives, we invite you to schedule a no-cost, obligation-free chat with an Aussiewide home loan expert today.