The scheme is designed to assist eligible first home buyers, providing a guarantee when buying a home with a deposit of as little as 5 per cent.
The government will support a maximum of 10,000 guarantees each year. Additionally, you can use the FHLDS in conjunction with other governments programs such the First Home Owners Grant (FHOG) and stamp duty concessions.
To be eligible for the FHLDS you need to be an Australian citizen with an income of less than $125,000 for singles and $200,000 for couples. You must have saved a deposit of at least 5% and be purchasing a new home (not an investment property).
In NSW the maximum purchase price under the scheme is $700,000.
The government is only issuing the First Home Loan Deposit Scheme through selected lenders, to find out more speak with one of our mortgage brokers.