The Federal Government has announced an additional 10,000 places in it’s First Home Loan Deposit Scheme (FHLDS), to make it easier for first home buyers to build their first home.
The FHLDS helps first home buyers purchase their first home by offering a Government Guarantee for home loans, so that buyers can borrow up to 95% of the home’s value without the additional cost of Lenders Mortgage Insurance.
These 10,000 additional places will be available from 6 October 2020, for first home buyers purchasing new homes. Under the scheme the government will also raise price caps from $600,000 to support loans up to $850,000 for new builds.
First home buyers wishing to take advantage of the revised scheme must apply through one of the schemes eligible lenders.
The scheme was launched in January 2020 and took just 6 weeks to fill more then half of the 10,000 available. With these new allowances, this is the perfect time to secure your lot at The Patch, Wollert.
For more information about the scheme visit: https://www.nhfic.gov.au/what-we-do/fhlds