Effective 1 January 2020, the federal government has introduced a new scheme for first time home buyers. Under the First Home Loan Deposit Scheme the government will now underwrite (or guarantee) loans for low to middle income owners to get people into their first home faster. What this means is that first home buyers will now be able to enter the market with as little as purchase costs, and 5% deposit* and…. no lenders mortgage insurance! Lenders will still do their normal checks on your financial situation but this will make it easier to get a loan without having saved a 20% deposit. This one change could literally save you tens of thousands of dollars! We also have word that we are able to negotiate rates with some lenders, as if you have a full 20% deposit which means your interest rate will also be eligible for better discounts as a result of the scheme with some lenders!
(*lender's criteria apply)
Eligibility
You can check your eligibility by speaking to us, or visiting this link. Call us if you're unsure about anything though!
Property price thresholds
To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the following property price thresholds (maximum property purchase price under the Scheme) will apply in capital cities, large regional centres and regional areas;
Region and Price Cap (AUD)
NSW - capital city - $700,000
NSW - regional centre (Newcastle and Lake Macquarie) - $700,000
NSW - regional centre (Illawarra) - $700,000
NSW - other - $450,000
ACT - $500,000
QLD - capital city - $475,000
QLD - regional centre (Gold Coast) - $475,000
QLD - regional centre (Sunshine Coast) - $475,000
QLD - other - $400,000
For the full property price threshold listing for Australia click here.
How to apply
At present Wilson Financial is accredited with six lenders on their panel that are rolling are approved under the government panel to participate with the scheme. If you’d like more information or, if you’d like to apply, feel free to reach out to our mortgage broker contacts;
Wilson Financial office - 1300 780 826 or 02 4860 3399
Liz – liz@wilsonfinancial.com.au or 0414 798 760
Chris - chris@wilsonfinancial.com.au or 0467 999 230
Colin - colin@wilsonfinancial.com.au or 0428 423 051
(*lender's criteria apply)
Eligibility
You can check your eligibility by speaking to us, or visiting this link. Call us if you're unsure about anything though!
Property price thresholds
To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, the following property price thresholds (maximum property purchase price under the Scheme) will apply in capital cities, large regional centres and regional areas;
Region and Price Cap (AUD)
NSW - capital city - $700,000
NSW - regional centre (Newcastle and Lake Macquarie) - $700,000
NSW - regional centre (Illawarra) - $700,000
NSW - other - $450,000
ACT - $500,000
QLD - capital city - $475,000
QLD - regional centre (Gold Coast) - $475,000
QLD - regional centre (Sunshine Coast) - $475,000
QLD - other - $400,000
For the full property price threshold listing for Australia click here.
How to apply
At present Wilson Financial is accredited with six lenders on their panel that are rolling are approved under the government panel to participate with the scheme. If you’d like more information or, if you’d like to apply, feel free to reach out to our mortgage broker contacts;
Wilson Financial office - 1300 780 826 or 02 4860 3399
Liz – liz@wilsonfinancial.com.au or 0414 798 760
Chris - chris@wilsonfinancial.com.au or 0467 999 230
Colin - colin@wilsonfinancial.com.au or 0428 423 051
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