First Home Loan Deposit Scheme
As a first-time homeowner, we want you to focus on the important things. For some, understanding where you stand as a future homeowner and what you might be eligible for can be confusing. Find out which Government Scheme or Grant you can use for your first home.
The First Home Loan Deposit Scheme is a Federal Government Initiative to help eligible first-time buyers save for a deposit and purchase their first home faster. 10,000 First Home Loan Deposit Scheme places are available to eligible first home buyers from 1 July 2021 to 30 June 2022.
What are the benefits?
By using the First Home Loan Deposit Scheme, you can enter the property market with as little as 5% deposit and avoid paying Lenders Mortgage Insurance (LMI).
Who Is Eligible?
As a Federal Government Initiative, the applicant’s eligibility criteria is the same across Australia. The only criteria that varies across each States and Territory is the property threshold amount. To access more information on the property thresholds in your area of interest, please contact QPG.
You, and your spouse, must not have purchased a home in Australia.
Must be defacto or married if two applicants are applying.
You must be an Australian citizen or permanent resident (or applying with someone that is) to be eligible.
How do you apply?
As the First Home Loan Deposit Scheme is an exclusive Government Initiative, it’s important to receive an assessment on your current situation and be referred to a Broker that can assist with the participating lenders. To learn more or be connected with a Broker that can assist with the First Home Loan Deposit Scheme, enquiry below:
Register Your Interest
If you haven’t found answers on this website to questions about first home buyer assistance and how to apply, contact us. Alternatively, if you’re ready, register your interest now!