First Home Loan Deposit Scheme
The Federal election on May 18th has some significant differences between the parties, with many relating to property and business.
The most recent announcement by the Liberal party is a policy to help first home buyers, by offering a government guarantee to reduce the deposit needed when buying your first home.
How it works and when can you apply?
The government will provide a guarantee to your lender which will mean that you won’t have to pay Lenders Mortgage Insurance, nor will your family have to provide a Limited security guarantee over their property.
If the Liberal party is successful at the election it will start from 1st January 2020.
- you and your partner/spouse must be eligible for first home buyer benefits
- you will need to have genuine savings of 5% of the purchase price
- income caps are $125,000 for a single and $200,000 for a couple
- there is no cap on the purchase price of the property
- it will be available to the first 10,000 first home buyers per year.
Make sure you aren’t 10,001!
If you think this might help you buy your first home, call us now and we’ll help you work out a savings plan, so you are ready January 1st 2020.