Property price declines and the upcoming First Home Loan Deposit Scheme have made it a little easier to afford your first property. Investors...
In January 2020, we will see the implementation of the First Home Loan Deposit Scheme (FHLDS). That means that you will be able to buy your first home with a 5% deposit, and you won't have to pay thousands in Lender’s Mortgage Insurance (LMI) to do it.
However, only 10% of first time home owners will be selected for the scheme every year. Also, there will be a cap on the maximum loan size.
You can start preparing to make your application for the grant today. Depending on the lender you will want to see at three to six months of savings to prove your deposit is genuine, however some lenders will allow you to count your paid rent towards that amount.
To be chosen as one of the lucky people, you must be able to show that you are a single person earning under $125,000 or a couple earning under $200,000 per year.
The government has not yet released all the pertinent information. Only 10,000 people will be able to get assistance, which is why you’ve got to start preparing now. You’ll face a lot of competition so it’s crucial that y
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ou stack up well. Investors Choice Mortgages can help you to prepare your application. If you would like a copy of the “Australian Guide to First Home Buyers Grants” and details on the new scheme then download the Guide here http://firsthousebuyer.com.au/