If you are a first home buyer and looking to purchase at Accolade you may be able to take advantage of the First Home Loan Deposit Scheme (FHLDS) introduced by the Government on 1st January 2020 and get into your new home sooner.
The FHLDS provides a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay lenders’ expensive mortgage insurance.
If you are looking at buying at Monument and want to take advantage of the scheme a ceiling of $600,000 applies to the price of your new home although there are many more affordable packages available at the estate.
Click here for Accolade House and Land packages that qualify
Call Paige for details on the FHLDS and packages that will suit your lifestyle on
Accolade has dozens of home and land packages that fall beneath the threshold and we are happy to assist you in choosing your new home.
Alternatively, if you have already agreed to purchase a house and land package at Accolade you may still be eligible for assistance before settlement.
For a house and land package, prior to the settlement date for your home loan you will need to have entered into:
• a contract of sale for the land; and
• an eligible building contract to build your home on that land.
The FHLDS is NOT a cash payment or deposit for your home loan – it is a guarantee from the Government.
To be eligible you need to be at least 18 years old and an Australian citizen.
If you are single you need an annual income of less than $125,000 or $200,000 for a couple and you must live in the house. In addition, you are not allowed to have owned a home, or a share in a home, in the past. Other people buying together such as siblings, child/parent or friends are not eligible.
If you meet these criteria, and you have a minimum 5% deposit, you may be eligible to purchase a home (lender's criteria apply) using the scheme. Your application will be presented to a panel of two banks and 25 smaller lenders. Your application needs to be made through the nominated banks or through a mortgage broker associated with these lenders.
As a bonus, all participating lenders are supporting the Scheme by committing to not charging eligible customers higher interest rates than equivalent customers outside of the Scheme.
You can also still apply for the $10,000 Victorian First Home Owner Grant and other concessions without affecting your FHLDS application.
Eligibility
NHFIC has developed a tool to help first home buyers find out whether they meet the Scheme’s eligibility criteria. Click here for application criteria
To view a list of participating lenders in the First Home Loan Deposit Scheme Click here for details on how to apply
Click here for Frequently Asked Questions
Call Paige for details on the FHLDS and packages that will suit your lifestyle on
