First Home Owners Deposit Scheme

Goodlife isn’t so far away after all! Especially with this scheme...

The Goodlife is just around the corner, can you feel it? Well, with the First Home Owners Deposit Scheme, you surely will sense it nearing!

We have heard it a million times before. The biggest thing that makes West Aussies refrain from entering the property market, is their inability to save. Don’t fret, you aren’t the only ones!

Did you know? In 2020, the Government introduced the First Home Loan Deposit Scheme to assist first home buyers get into their own home sooner. The Good news only gets better… you can use this scheme in conjunction with the First Home Owners Grant following criteria:

  • You must be a first home buyer
  • You must have earned less than $125K /couples less than $200K in the last financial year

So, how does it work?

  • Eligible applicants will receive a guarantee from the Government to purchase their first home.
  • Therefore, you can purchase your first home with a deposit of as little as 5% and without having to pay Lenders Mortgage Insurance (LMI).

This is a pretty Good scheme

This sweet scheme is limited to 10,000 loans each financial year across Australia. All applicants must meet

  • Be over 18 years old
  • Have a Medicare card
  • Be an Australian citizen

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