10,000 More First Home Loan Deposit Schemes Available
A further 10,000 First home Buyers will be able to purchase a new home with just 5% deposit thanks to the Federal Government extending the First Home Loan Deposit Scheme.
First Home Buyers can apply and obtain a Federal Government guarantee of up to 15% on your deposit. This means that just 5% of your property value will be sufficient or a deposit and you will avoid having to pay for Lenders Mortgage Insurance or LMI.
The additional 10,000 spots will be available until the 30th of June 2021 or until they are all taken up.
This incentive when used in conjunction with the Home Builder Incentive of $25,000 and the First Home Buyers Grant of $15,000 in Queensland, is magnificent news for First Home Buyers. In addition, you will also save on the cost of Stamp Duties.