If you’re a first-time homebuyer in Australia, the First Home Buyer Deposit Scheme (FHBDS) is a great way to purchase your first home with a lower deposit requirement. One way to apply for the scheme is through a participating lender.
Q: Can I apply for the scheme through a lender?
A: Yes. Here’s what you need to know about applying for the FHBDS through a lender:
- Find a participating lender: You can find a list of approved lenders on the National Housing Finance and Investment Corporation (NHFIC) website.
- Meet the eligibility requirements: You’ll need to meet the eligibility requirements for the FHBDS, including being a first-time homebuyer, meeting income thresholds, and other criteria such as the type of property you’re purchasing and whether it’s located in an eligible area.
- Apply for the scheme: Once you’ve found a participating lender and met the eligibility requirements, you can apply for the FHBDS through the lender. The lender will guide you through the application process and provide you with the necessary forms to complete.
- Provide required documentation: You’ll need to provide the lender with documentation to support your FHBDS application, including proof of income, identity, and residency. The lender will also need to verify that you meet the eligibility criteria for the scheme.
- Receive confirmation: If your application is successful, you’ll receive confirmation that you’ve been approved for the FHBDS. The lender will then be able to proceed with your home loan application.
- Repay the loan: The FHBDS is a loan, and you’ll need to repay it in addition to your regular home loan repayments. You’ll need to repay the loan over a period of 15 years or when you sell the property, whichever comes first.
Applying for the First Home Buyer Deposit Scheme (FHBDS) through a lender in Australia is a great option for first-time homebuyers who want to purchase a property with a lower deposit requirement. To apply, you’ll need to find a participating lender, meet the eligibility requirements, apply for the scheme, provide required documentation, receive confirmation, and repay the loan over a period of 15 years or when you sell the property. By carefully following these steps, you can take advantage of the FHBDS and make your dream of owning a home a reality.