Today is not only the start of a brand new decade, but January 1st 2020 also marks the first day of the Federal Government’s new First Home Loan Deposit Scheme.

The initiative is only available to the first 10,000 successful applicants and gives First Home Buyers to save paying Mortgage Insurance and is available to buyers throughout Australia but has Eligibility restrictions and Property price thresholds.

First Home Loan Deposit Scheme

“The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner.

It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes 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, starting from 1 January 2020.

Eligibility

NHFIC has developed a tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria. Click here to view the tool.

Property price thresholds

NHFIC has also developed a tool to help first home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. Click here to view the tool.

How to apply

To view a list of participating lenders in the First Home Loan Deposit Scheme, click here.” - Source nhfic.gov.au

You can download the First Home Loan Deposit Scheme fact sheet here as well as a copy of FAQ’s here.

Whilst the eligibility for this scheme may not directly impact buyers looking to purchase acreage properties, but it’s anticipated that there will be a positive flow-on-effect as more buyers enter the market which will improve buyer confidence in the housing market and those looking to sell and upgrade onto acreage will sell faster and should have more money to spend on acres.

I hope find this helpful.

Regards

Greg Vincent