First Home Buyers Scheme
Getting into the housing market can be daunting for anybody, none more so than First Home Buyers.
To help navigate the process we recommend using a Finance/ Mortgage Broker. they are trained in navigating the policies and processes of an ever changing industry.
Most First Home Buyers spend years saving a deposit to purchase their first home.
To assist First Home Buyers the introduced a grant on the 1 July 2000.
Each state has different rules and regulations governing the grant.
The links below will navigate you to the appropriate state Department.
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes
First Home Loan Deposit Scheme
As you will be aware the Australian Government has released the details on the new First Home Loan Deposit Scheme. The Scheme itself commenced 1st January 2020.
From the request and input of the FBAA, a Special Broker Kit has been developed and has only just been released on the 31st Dec to assist you with working with this new scheme - Available for download below.
The FBAA has been working with the Government on this from its inception and it is a great initiative for Australians, but there are some hurdles and restrictions you need to be aware of first.
There are two major banks involved being the NAB and CBA, plus 25 non-major banks of who Government advises they will receive not less than 50% of the allocations for places in the scheme. The lender's details are available on the Government websitehttps://www.nhfic.gov.au/what-we-do/fhlds/how-to-apply/
It is important to note that the scheme will not be available to everyone and is limited to 10,000 people per financial year, so you need to do some research before you walk potential borrowers down this path - seehttps://www.nhfic.gov.au/what-we-do/fhlds/eligibility/
Also, you will need to check if the postcode the people wish to live in is eligible for the scheme and there is a simple postcode search function on the website, plus check on what the Price Cap is for the region - seehttps://www.nhfic.gov.au/what-we-do/fhlds/property-price-thresholds/
There is also a flyer with general information now available on their website to overview and answer some key question on this (FHLDS Fact Sheethttps://www.nhfic.gov.au/media/1235/fhlds-fact-sheet.pdf)
The details and links above plus the Government website, in general, will give you all the details you need to progress with an application under the scheme, but, if you have any unanswered questions please contact them directhttps://www.nhfic.gov.au/contact-us/
NHFIC will not accept applications directly and is not able to provide personal financial advice. First home buyers (and those advising a first home buyer) are encouraged to consult with a participating lender and seek their own independent financial and legal advice on how to structure their loan a...
How to apply - NHFIC
NHFIC will not accept applications directly and is not able to provide personal financial advice. First home buyers (and those advising a first home buyer) are encouraged to consult with a participating lender and seek their own independent financial and legal advice on how to structure their loan a...