The First Home Loan Deposit Scheme is Back

Monday 05 Jul 2021

Its good news with the Federal Government releasing 10,000 spots for the 2022 financial year in the FHLDS, and it is likely they will not last long as this scheme has proven to be popular previously.

In Cairns, the max purchase price is $450,00 (up from $400,00 last time around) and the purchase must be for intended owner occupiers not investment. It must be residential under the definition held by the FHLDS. Eligible residential property includes

• an existing house, townhouse or apartment
• a house and land package
• land and a separate contract to build a home
• an off-the-plan apartment or townhouse

Specific dates and requirements apply for the different property types and applicants are advised to understand these dates.

Applicants must be Australian citizens. (no permanent residents) and still need 5% deposit, but the government will cover loan mortgage insurance costs – effectively guaranteeing  up to 15% of the purchase price. Single applicants can earn up to $125,000 p.a. Couple a combined $200,000.

Not all lenders participate in this program. Spots normally only last for the first few months of the financial year, so get in early. Please find link below for more detail and make sure you get independent advise.

Click here for the First Home Loan Deposit Scheme Fact Sheet

Click here for the First Home Loan Deposit Scheme checklist