Property Investment Queensland
The Australian Government are offering a new initiative for first home buyers to get into the property market through their First Home Loan Deposit Scheme (FHLDS) by providing a guarantee to purchase a home with a deposit of 5% and without Lenders Mortgage Insurance.
The Scheme will support up to 10,000 applicants per year and will start from 1 January 2020 to help those on low and middle incomes purchase a home.
NHFIC is conducting a process to establish a panel of residential mortgage lenders to participate in the Scheme to whom you will be submitting your applications with and at this time the NAB are the first participant to qualify with interest coming from other banks.
Applicable to Owner Occupier Loans only.
To be eligible you would need to meet certain criteria in relation to income thresholds and property prices, where incomes of $125,000 per annum for singles and up to $200,000 per annum for combined couples allow you to qualify.
Only applicable for owner occupiers and only on Principal and Interest loan types.
It is advisable to apply for a preapproval prior to seeing if you quality to determine just how much the banks will lend you upfront before you look to buy a home.
The maximum property purchase price under the FHLDS are listed below and suited to modest home purchase
|Capital city and regional centres||Rest of state|
You will get access to an online tool to be released by the NHFIC which will allow you to find out the anticipated property price threshold for each suburb by simply entering the postcode or suburb to display the relevant property price. Click here to try
The NHFIC will provide further information about the Scheme including confirming eligibility criteria, who are the participating financial institutions, application and assessment processes, and updates on implementation of the new Scheme in due course.Tags: FHLDS, First Home Loan Deposit Scheme