Saving for your first home can be tough, so the Australian Government has introduced the First Home Loan Deposit Scheme to help first home buyers get into their first home.
This scheme is designed to support eligible first home buyers purchase a home sooner. Currently, if you want to buy a home you typically need to save at least a 20% deposit or you need to pay mortgage insurance or need a guarantor. From 1 Jan 2020, the scheme will guarantee 10,000 low-deposit loans per year for eligible first home buyers on low to middle incomes who have saved a deposit as little as 5%.
To check if you are eligible, visit: http://www.nhfic.gov.au/what-we-do/fhlds/eligibility/
For more information, read the fact sheet
You can apply for the scheme through participating lenders and TAG Finance and Loans can help you with the application.
Home Loan Review
To book in a complimentary loan review contact TAG Finance and Loans on (03) 9886 0800 or email email@example.com.