Launched on 01 January 2020, the Australian Government has introduced the First Home Loan Deposit Scheme. The Scheme is to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay for lenders mortgage insurance. The Australian Government will operate the Scheme through the National Housing Finance and Investment Corporation. At this stage, the NAB and CBA are the only approved major banks participating in the scheme.
For further information, eligibility and how to apply click HERE.
For frequently asked questions click HERE.
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