Owning your own home is one of the great Australian dreams however due to a range of financial hurdles it can often be a distant dream.
The Federal Government has announced the First Home Loan Deposit Scheme (FHLDS) offering an easier pathway to home ownership.
So, what is the scheme and how can you take advantage of it?
The First Home Loan Deposit Scheme aims to help first home buyers purchase a house sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit as little as 5% without needing to pay for lenders mortgage insurance (LMI).
The scheme will support up to 10,000 loans per a financial year. Eligible borrowers can use the guarantee in conjunction with other government schemes such as the First Home Owners Grant and stamp duty concessions.
Further information can be found through the Federal Government fact sheet or website. View here >