First home buyers given new financial year gift

Good news: On July 1, another 10,000 spots will be made available in the popular First Home Loan Deposit Scheme.

The 27 participating lenders have begun announcing the number of spots they’ve been allocated – and these spots are likely to go fast.

The First Home Loan Deposit Scheme allows eligible buyers to enter the market with just a 5% deposit without having to pay lender’s mortgage insurance (LMI).

To reserve a place in the scheme there have been two important changes.

1. Before applying, you must receive conditional approval from your lender
2. You will need to provide documents that verify you are:

• An Australian citizen, aged 18 or above
• A first home buyer
• Married/de facto (if applying as a couple)

There’s also some complexity around filing your tax return quickly if you apply for the scheme after July 1st 2020. Please get in touch if you want to understand how it works.