Are you a first-time homebuyer in Australia looking to enter the property market? The Australian government has recently introduced the First Home Loan Deposit Scheme (FHLDS) to help first-time homebuyers purchase their own home sooner. The scheme is designed to assist eligible first homebuyers by providing a government guarantee that allows them to purchase a home with a deposit as low as 5% of the property’s value.
So, what are the eligibility criteria to qualify for the FHLDS?
- You must be a first-time homebuyer: To qualify for the FHLDS, you must be a first-time homebuyer in Australia.
- You must be an Australian citizen: You must be an Australian citizen who is at least 18 years old to be eligible for the FHLDS. Permanent residents are not eligible.
- You must have a taxable income below the threshold: To be eligible for the scheme, you must have a taxable income of up to $125,000 per annum for singles, or $200,000 per annum for couples (based on the previous financial year’s income).
- You must have a deposit of at least 5%: To be eligible for the FHLDS, you must have saved at least 5% of the property’s value as a deposit.
- The property’s value must be within the cap: The FHLDS is only available for properties that fall within the property value thresholds set by the government. The maximum property value varies depending on the location of the property, and it can be up to $700,000 in Sydney and up to $500,000 in regional areas.
- You must intend to live in the property: The FHLDS is only available for properties that will be used as your primary place of residence. You must intend to live in the property for at least 6 months of the first 12 months after settlement.
- You must meet the lender’s eligibility criteria: Each participating lender may have different requirements, such as credit scores or employment history.
