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First home buyers need to move fast

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First home buyers need to move fast

Want to participate in the federal government’s new first home buyer scheme? Then you better hurry.

The First Home Loan Deposit Scheme, which started on 1 January, is capped at 10,000 places per financial year. The first allocation of places have already been claimed; but 7,000 places will become available on 1 February.

Here’s how it works:

  1. 1. The government will guarantee your loan if you have a deposit of 5-19%
  2. 2. That means you won’t have to pay LMI (lender’s mortgage insurance)

Eligibility rules apply:

  • You must be a first home buyer
  • You must earn under $125,000 for singles and $200,000 for couples

Also, you must buy a property that costs less than the price threshold listed in the chart above.

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