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. The government will guarantee your loan if you have a deposit of 5-19%2. That means you won’t have to pay LMI (lender’s mortgage insurance)Eligibility rules apply:You must be a first home buyerYou must earn under $125,000 for singles and $200,000 for couplesAlso, you must buy a property that costs less than the price threshold listed in the chart above.Chat with us ASAP to take partHit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation. Take part today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask away in the comments below … [Read more...] about First home buyers need to move fast
First home buyer help is on the way
Share on facebook Share on twitter Share on linkedinA controversial new scheme has passed in parliament that aims to help First Home Buyers get into the property market. The program will help buyers get into a property with a 5% deposit but it’s estimated that less than 1 in 10 buyers will receive it.The big savings are that the government will ‘guarantee’ the loan so that the borrower will not have to pay Lenders Mortgage Insurance (LMI).Other details around the scheme are still a bit unclear but here’s what we know so far:The scheme is capped to 10,000 buyers a year. It will ‘guarantee’ loans for first time buyers with deposits as small as 5%. There is an income cap of $125k for individuals and couples earning more than $200k. There is a price cap in cities and regional areas. Click here to see the ranges. The scheme will start on January 1st 2020. It will only be available through some lenders.If you’re thinking about this scheme or know someone who is, let me know. I can make sure you’ll have a good chance at being one of the lucky 10,000 who receive this. Let's scheme! Hit the button below to arrange a conversation with one of my loan specialists to find a deal that's best for your situation.Apply for this scheme todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about First home buyer help is on the way