First Homeowner Deposit Scheme

First Homeowner Deposit Scheme

2021-2022 Federal Budget Update: The Federal Government is expanding the First Home Loan Deposit Scheme by another 10,000 places in 2021-2022.

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers to build or purchase a new home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).
Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase or build a new home with a deposit of as little as 5% without having to pay LMI.

This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.

The FHLDS could save first homeowners up to $15,000 worth of Lenders Mortgage insurance on a $400,000 property. The First Home Loan Deposit Scheme has already helped almost 20,000 first home buyers purchase a home with a deposit as low as 5% in 2020.

In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 First Home Loan Deposit Scheme places provided from 6 October 2020 until June 30th, specifically for eligible first home buyers building new homes. These additional places are known as the First Home Loan Deposit Scheme (New Homes) or FHLDS (New Homes).

There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme, these include:

• • National Australia Bank
  • Commonwealth Bank of Australia
  • Australian Military Bank
  • Auswide Bank
  • Bank Australia
  • BankFirst
  • Bank of Heritage Isle
  • Bank of Us
  • Bendigo Bank
  • Beyond Bank Australia
  • Border bank
  • Community First Credit Union
  • Credit Union Australia
  • Defence Bank
  • Endeavour mutual bank
  • Firefighters Mutual Bank
  • Gateway Bank
  • G & C Mutal Bank
  • Health Professionals Bank
  • Indigenous Business Australia
  • Mortgage Port
  • My State Bank
  • People Choice Credit Union
  • Policebank
  • P&N Bank
  • QBank
  • Queensland Country Bank
  • Regional Australia Bank
  • Sydney Mutual Bank
  • Teachers Mutual Bank
  • The Mutual Bank
  • Unibank
  • WAW

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