MyChoice Home Loans has exclusive access to the First Home Loan Deposit Scheme through Mortgageport who were one of the first lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to provide these loans.
Our specialist team is determined to help first homeowners turn their home building dreams into a reality, through providing great rates to support the numerous government grants available.
+Finance to approved applicants only. Interest rates are correct as at the 1 Feb 2020 and are subject to change.
*Comparison rate calculated on a loan of $150,000 over 25 years.
The comparison rate applies only to the example given. Different amounts and terms will result in different comparison costs. Costs such as redraw fees, early repayment fees and costs savings such as fee waivers are not included in comparison rate but may influence the cost of the loan. Credit advice is provided by MyChoice Home Loans Pty Limited who is Authorised Credit Representative No 485 273 of Mortgageport Management Pty Limited (Australian Credit Licence Number 386360)
The First Home Loan Deposit Scheme is a new initiative of the Australian Government to help first home buyers purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent.
The Scheme will support up to 10,000 loans each financial year, and commenced on 1 January 2020.
The scheme is designed to reduce the cost of financing your first home by removing the need to save a 20% deposit or pay for lender’s mortgage insurance. Instead the Australian Government supports first home owners by providing a limited guarantee of up to 15% of the property’s value. Click below to download a fact sheet about this scheme.
To discover whether you are eligible for the scheme you can check this on the NHFIC website.
The main Eligibility requirements are:
As this scheme is designed to help people get started, the threshold is in place to allow you to purchase land and build a comfortable home, choose a House and Land package or an established property, within defined property price thresholds (maximum property purchase price under the Scheme).
This threshold will apply in capital cities, large regional centres along with regional areas, and as this amount varies, we recommend using the NHFICs property price threshold search tool to learn more about your preferred locations price threshold.
Fill in your details to reserve your place.
If you would like to talk to one of our consultants about reserving your place please get in touch
Please fill in your details below and a MyChoice representative will be contact.
Join 5,000+ others and receive special offers and updates from our home loan experts.