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
- Before applying, you must receive conditional approval from your lender
- 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)