Are You Eligible For First Home Loan Deposit Scheme Places Opening In February?

Are You Eligible For First Home Loan Deposit Scheme Places Opening In February?

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24 JAN 2020

The Australian Government’s First Home Loan Deposit Scheme (FHLDS) to help support first home buyers will open for a second round of applications on February 1, 2020.

The scheme provides a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent (lender's criteria apply).

Since starting on 1 January, the two major participating lenders, the National Australia Bank (NAB) and the Commonwealth Bank of Australia (CBA), have registered 3,000 potential first home buyers under the scheme.

The remaining 7,000 Scheme places for the current financial year will be available from 1 February 2020 when potential applicants will have a panel of 27 lenders to choose from.

ARE YOU ELIGIBLE?  USE THE FHLDS ELIGIBILITY TOOL.

NHFIC is releasing 10,000 First Home Loan Deposit Scheme guarantees this financial year. Another 10,000 places will be available from July 2020.

The staged release of Scheme places provides first home buyers with the opportunity to gather the necessary financial information to support their application and enables a broader choice between the major banks and smaller lenders.

Consistent with NHFIC’s Investment Mandate, the non-major lenders will receive no less than 50 per cent of the initial 10,000 guarantees allocated in the current financial year.

The initial lending panel composition achieves the Australian Government’s objective of promoting competition between the big and small lenders, and also ensuring that the Scheme has broad geographic reach, including in regional and remote communities.

The composition of the panel should enable strong activation of the mortgage broker channels and promote choice for first home buyers.

All participating lenders are supporting the Scheme by committing to not charging eligible customers higher interest rates than equivalent customers outside of the Scheme.

The full list of initial Scheme lenders is:

Major bank lenders:

  • National Australia Bank
  • Commonwealth Bank of Australia

Non-major lenders:

  • Australian Military Bank
  • Auswide Bank
  • Bank Australia
  • Bank First
  • Bank of us
  • Bendigo Bank
  • Beyond Bank Australia
  • Community First Credit Union
  • CUA
  • Defence Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Indigenous Business Australia
  • Mortgageport
  • MyState Bank
  • People’s Choice Credit Union
  • Police Bank (including the Border Bank and Bank of Heritage Isle)
  • P&N Bank
  • QBANK
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
  • Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  • The Mutual Bank
  • WAW Credit Union

Information about the Scheme is available on NHFIC’s website (www.nhfic.gov.au/what-we-do/fhlds/) including online tools to assist prospective first home buyers determine their potential eligibility and identify the relevant property price threshold that will apply to any potential purchases.

About Providence

Providence is the largest masterplanned township in the Ripley Valley, west of Brisbane. Spanning more than 700 hectares, around three times the size of Brisbane’s CBD, Providence is being developed by Okeland Communities. The town will be constructed over 20 years and will feature around 7,000 homes, providing for a population of about 20,000 residents. On completion, the community will include extensive parklands, a town centre, an education precinct, a health and wellbeing hub and a sport and recreation precinct. Located on 6 Amity Way, South Ripley, Providence’s Land Sales and Community Centre is open 10am – 5pm, 7 days.

 

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