A comparison rate helps you identify the true cost of a loan and compare loans and services offered by different lenders. It provides you with a more accurate representation by taking into consideration the additional costs that come with taking out a loan such as the loan approval fee and any up front or ongoing fees.

The First Home Loan Deposit Scheme is a government initiative in Australia that helps eligible first home buyers purchase a home with a deposit as low as 5% without needing to pay Lenders Mortgage Insurance (LMI). The scheme is limited to 10,000 loans per financial year and is subject to certain eligibility criteria, including income thresholds and property price caps.

It’s essential to check if you meet the requirements and apply through a participating lender. The scheme can provide a helpful boost to those trying to enter the property market, but it’s important to consider all options and seek professional advice before making a decision.

Read for more details here.

FHLDS is a government scheme that helps eligible first home buyers purchase a home sooner by providing a guarantee for their home loan.

To be eligible for the FHLDS, you must meet certain criteria.

It’s important to note that meeting the eligibility criteria does not guarantee that you will be approved for the FHLDS, as there may be other factors that are taken into consideration by the participating lenders.

If you want to check if you are eligible for First Home Loan Deposit Scheme and if you want the know the eligibility criteria click here

The maximum property value that can be purchased under the First Home Loan Deposit Scheme (FHLDS) depends on the location of the property. The Australian Government has set property price caps for different regions across Australia to ensure that the FHLDS benefits those who are looking to buy their first home in areas where property prices are more affordable.

If you want to know more about maximum property value, you can check our blog here

The minimum deposit required under the First Home Loan Deposit Scheme (FHLDS) is 5% of the property’s value. This means that eligible first home buyers can apply for a home loan with a deposit of as little as 5%, instead of the usual 20% that is typically required by most lenders.

Know more about FHLDS and the minimum deposit required on our blog here

The First Home Loan Deposit Scheme (FHLDS) offers several benefits for first home buyers who are eligible to participate. Here are some of the key benefits

1. Lower deposit required
2. No Lenders Mortgage Insurance (LMI)
3. Government guarantee
4. Affordable housing

Know more about these here!

The First Home Loan Deposit Scheme (FHLDS) is a government-backed initiative in Australia that helps first-time home buyers enter the property market with a smaller deposit. The scheme works by allowing eligible borrowers to take out a home loan with a deposit as little as 5% of the property purchase price without having to pay for Lender’s Mortgage Insurance (LMI).

On the other hand, a traditional home loan typically requires a deposit of at least 20% of the property purchase price. If a borrower has a deposit of less than 20%, they may be required to pay LMI, which is an insurance premium that protects the lender if the borrower is unable to repay the loan.

Read more about it here.

No, the First Home Loan Deposit Scheme (FHLDS) is specifically designed to assist first-time home buyers purchase their first home as an owner-occupied residence. Therefore, the scheme cannot be used to purchase an investment property or a holiday home.

To be eligible for the FHLDS, you must be an Australian citizen, at least 18 years old, and have never owned or co-owned a property in Australia before. 

Know more about FHLDS on our blog here.

Yes, the First Home Loan Deposit Scheme (FHLDS) has income limits and caps that determine eligibility. The income limits vary depending on your location and your personal circumstances, and they are based on your taxable income for the previous financial year.

If you’re interested in applying for the FHLDS, you should check the current income limits and property price caps, as well as the other eligibility criteria, to determine whether you meet the requirements, and check our latest blog about it here!

If you default on your loan under the First Home Loan Deposit Scheme (FHLDS), the lender may take action to recover the outstanding amount owed, which may include repossession and sale of the property.

However, it’s important to note that the FHLDS is designed to help first-time home buyers enter the property market with a smaller deposit, and it does not provide any guarantees against default or protect you from the consequences of defaulting on your loan. The scheme simply allows eligible borrowers to access a home loan with a smaller deposit and without having to pay for Lender’s Mortgage Insurance (LMI).

If you’re having difficulty regarding First Home Loan Deposit Schemes, you can check our blog. Just click here. 

Yes, there may be fees associated with participating in the First Home Loan Deposit Scheme (FHLDS), just like with any other home loan. However, the fees and charges may vary depending on the lender and the specific home loan product being offered.

Know more about these charges here. 

The First Home Loan Deposit Scheme (FHLDS) is a government-backed initiative in Australia that aims to assist first-time home buyers to enter the property market with a smaller deposit. The scheme helps eligible borrowers to take out a home loan with a deposit as little as 5% of the property purchase price without having to pay for Lender’s Mortgage Insurance (LMI).

Here are some things you need to know about the FHLDS 

The eligibility criteria for a first home buyer loan may vary depending on the lender and the specific loan product being offered. It’s important to check with your chosen lender to see what specific eligibility criteria and documentation requirements apply to their first home buyer loans.

If you want to know the common eligibility requirements for first home buyer loans in Australia read our blog here

The maximum amount you can borrow under a first home buyer loan may vary depending on the lender and the specific loan product being offered. Typically, the maximum amount you can borrow will be determined by a combination of factors. Get to know these factors in our blog. Just click here

It’s a good idea to speak to a lender or mortgage broker to get an idea of how much you may be able to borrow and what factors will affect your borrowing capacity.

The minimum deposit required for a first home buyer loan may vary depending on the lender and the specific loan product being offered. However, in general, most lenders will require a deposit of at least 5% to 10% of the purchase price of the property. This means if you are purchasing a property for $500,000, you will need a deposit of at least $25,000 to $50,000.

There are also some exemptions and concessions available to first home buyers to help with the deposit requirement. Know more about these here.

The types of properties that you can purchase with a first home buyer loan will depend on the specific loan product and lender you are working with. In general, first home buyer loans can be used to purchase a range of property types. 

It’s important to note that there may be restrictions on the types of properties you can purchase with a first home buyer loan. For example, some lenders may have restrictions on the location or age of the property, or may require the property to meet certain standards or requirements.

If you want to know about the range of property types that firs home buyer loans can purchase, click here. 

In most cases, you cannot use a first home buyer loan to purchase an investment property or a holiday home. This is because the purpose of the loan is specifically to help first-time buyers enter the property market by providing them with financial assistance to purchase a home they will be living in.

If you are looking to purchase an investment property or a holiday home, you may need to consider other types of loans, such as an investment property loan or a personal loan. Know more about it here.

The interest rates for first home buyer loans can vary depending on a range of factors, such as the lender, the loan amount, the loan term, and the borrower’s financial circumstances. In general, however, interest rates for first home buyer loans tend to be lower than other types of loans, such as personal loans or credit card debt, as they are typically secured by the property being purchased.

Know more about first home buyer loans here!

The fees and charges associated with a first home buyer loan can vary depending on the lender and the loan product. However, some common fees and charges that may apply include:

1. Application fees: A one-time fee charged when you apply for the loan.
2. Valuation fees: A fee charged by the lender to have your property valued.
3. Lenders Mortgage Insurance (LMI): A fee charged by some lenders when your deposit is less than 20% of the property’s value.
4. Settlement fees: A fee charged to cover the administrative costs associated with finalizing the sale of the property.
5. Ongoing fees: These can include account-keeping fees, annual fees, or redraw fees.

Click here to read more about fees and charges associated with a first home buyer loan, and how you can minimize these.

Typically, first home buyer loans have a fixed repayment schedule, which means that you will need to make regular repayments (usually monthly) over a set period of time (the loan term). The loan term for a first home buyer loan can vary, but it’s generally between 25 and 30 years.

The amount you will need to repay each month will depend on the amount you borrow, the interest rate, and the loan term. You can use a loan repayment calculator to estimate your repayments based on these factors.

Know more about repayment schedules here!

Defaulting on a first home buyer loan can have serious consequences and can negatively impact your credit score and financial stability. If you default on your loan, the lender may take legal action to recover the outstanding debt, which can include:

1. Issuing a default notice
2. Repossession of the property
3. Legal action

Defaulting on a first home buyer loan can also impact your credit score and make it difficult to access credit in the future. Late or missed repayments can stay on your credit report for up to five years, and defaults can stay on your report for up to seven years, making it harder to borrow money in the future.

Read more about it here.

The First Home Owner Grant (FHOG) in New South Wales is a government initiative that provides a one-time grant to eligible first home buyers to help offset the cost of purchasing or building a new home. As of March 2023, the grant is valued at $10,000.

To be eligible, you must be:

1.  an Australian citizen or permanent resident
2. at least 18 years of age
3. purchasing or building your first home in NSW. 

There are also income and property value limits that must be met. It’s important to carefully review the eligibility criteria and application requirements before applying for the FHOG.

Read more details here.

The Stamp Duty exemption or concession for first home buyers in New South Wales is a government initiative that provides a partial or full exemption from paying Stamp Duty on a property purchase, depending on the value of the property.

As of March 2023, the exemption applies to properties valued up to $800,000 and provides a full exemption for properties valued up to $650,000. For properties valued between $650,000 and $800,000, a sliding scale applies.

First home buyers in NSW can save up to $31,335 in Stamp Duty costs by taking advantage of this concession. Eligibility criteria apply, including income and property value limits.

Read more details here.

The eligibility criteria for the First Home Loan Deposit Scheme (FHLDS) in New South Wales requires applicants to:

1.  Be Australian citizens
2. Aged 18 years or older
3. And first home buyers purchasing a property for owner-occupier purposes. 

There are also property value limits, with the maximum value varying depending on the location of the property. As of March 2023, the maximum property value is $800,000 for Sydney and regional centres, and $600,000 for other areas in NSW. Other eligibility criteria include income limits, which vary depending on the number of people in the household and the location of the property. It’s important to review the full eligibility criteria before applying for the FHLDS.

Read more details here.

The amount of deposit required to buy your first home in New South Wales can vary depending on the value of the property, the lender you choose, and your personal financial situation. 

Generally, most lenders will require a deposit of at least 5% of the property value, although a larger deposit can help you access better interest rates and reduce the amount of mortgage insurance you need to pay. It’s also important to factor in additional costs, such as Stamp Duty and legal fees, when calculating the total amount needed to purchase your first home.

Read more details here.

To get pre-approval for a home loan as a first home buyer in New South Wales, you will need to provide documentation such as proof of income, savings, and employment. You can approach a lender or use a mortgage broker to help you find a suitable loan product and complete the application process. 

It’s important to review the eligibility criteria and terms and conditions carefully before applying for pre-approval. Once you have been pre-approved, you can use the letter of pre-approval to make an offer on a property with confidence, knowing that you have already secured financing.

Read more details here.

There are several government schemes and initiatives to support first home buyers in New South Wales:

1. the First Home Owner Grant (FHOG)
2. the First Home Loan Deposit Scheme (FHLDS)
3. the HomeBuilder scheme.

The FHOG provides a one-time grant to eligible first home buyers, while the FHLDS allows first home buyers to purchase a property with a deposit as low as 5% without paying for Lenders Mortgage Insurance. 

The HomeBuilder scheme provides a grant to eligible home buyers and renovators to build or substantially renovate their homes. Eligibility criteria apply for each scheme, and it’s important to review the details carefully.

Read more details here.

It is possible to buy a property with someone else as a first home buyer in New South Wales. This can be done either as joint tenants or tenants in common, with each option having different implications for ownership and inheritance. 

It’s important to seek legal and financial advice before entering into any property purchase agreement with another person to ensure that all parties understand their rights and responsibilities. It’s also important to review the eligibility criteria for any government schemes or initiatives that may apply to your joint purchase.

Read more details here.

Some common mistakes to avoid when buying a property as a first home buyer in New South Wales include:

1. Not setting a realistic budget and getting pre-approval for a home loan
2. Not doing enough research on the property, location, and market trends
3. Not seeking professional advice on legal, financial, and building matters
4. Not factoring in additional costs such as Stamp Duty and legal fees
5. Not negotiating effectively with the seller or agent
6. Rushing into a purchase without considering all options.

It’s important to take your time, do your due diligence, and seek professional advice to avoid these mistakes and make an informed decision.

Read more details here.

As a first home buyer in New South Wales, the decision to buy an established property or a new property will depend on your personal preferences and financial circumstances. Established properties may offer more character and a larger block size in established suburbs, but may require more maintenance and renovations.

New properties may offer modern designs and energy-efficient features, but may be more expensive and in new or developing suburbs. It’s important to weigh up the pros and cons of each option, consider your budget, location preferences, and lifestyle needs, and seek professional advice before making a decision.

Read more details here.

As a first home buyer in New South Wales, there are several costs involved in buying a property, including:

1. Deposit: Typically 5-20% of the property value
2. Stamp Duty: A tax paid on the property purchase price, with exemptions or concessions available for first home buyers
3. Legal and conveyancing fees: The cost of legal advice and transfer of property ownership
4. Building and pest inspections: The cost of professional inspections to identify any defects or issues with the property
5. Lenders Mortgage Insurance: If your deposit is less than 20% of the property value.

It’s important to factor in these costs when budgeting for your property purchase and seeking professional advice to understand your financial obligations.

Read more details here.

The First Home Loan Deposit Scheme (FHLDS) is a government initiative designed to help first-time homebuyers enter the property market with a smaller deposit. The scheme enables eligible first home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees the remaining 15% of the deposit required by the lender.

This scheme is available to individuals who are: 

1. Australian citizens,
2. at least 18 years old, 
3. have never owned or held an interest in a residential property in Australia. 

There are also income limits and property price caps that apply, which vary depending on the location of the property.  Check here.

The First Home Loan Deposit Scheme is an initiative by the Australian Government to help first-time homebuyers enter the property market. To qualify for the scheme, you must meet the following eligibility criteria:

1. Citizenship
2. Age
3. Income
4. Deposit
5. Property
6. First home buyer

Know more about FHLDS eligibility criteria here.

The amount of deposit accepted under the First Home Loan Deposit Scheme (FHLDS) depends on various factors, including:

• property’s purchase price
• lender’s requirements
• borrower’s financial situation

However, the FHLDS allows eligible first home buyers:

• to purchase a home with as little as a 5% deposit without paying for Lenders Mortgage Insurance (LMI).
• up to 15% of the value of the property purchased which allows them to obtain a home loan with a smaller deposit.

However, it’s important to note that the FHLDS has certain eligibility criteria, including income and property price thresholds, and loan amount limits.

Learn more about first home buyer deposit scheme here

Types of properties that can be purchased using the First Home Loan Deposit Scheme (FHLDS):

• newly constructed homes
• existing properties
• house and land packages
• off-the-plan properties

The property price thresholds are designed to ensure that the scheme benefits first home buyers looking to purchase an affordable home.

Additionally, the FHLDS has certain eligibility criteria, including income and property price thresholds, and loan amount limits, which may vary depending on the location of the property. Read more about first home buyer deposit scheme here.

The First Home Loan Deposit Scheme (FHLDS) is designed to help eligible first home buyers purchase their first home, and they are only able to access the scheme once. 

It’s important to note that the FHLDS is just one of the many programs and initiatives designed to help Australians enter the property market. It’s always a good idea to speak to a financial advisor or a mortgage broker to discuss your options and determine which scheme or initiative is best suited to your needs.

Click here to learn more.

The First Home Loan Deposit Scheme (FHLDS) is designed to help eligible first home buyers purchase their first home, and they are only able to access the scheme once. 

It’s important to note that the FHLDS is just one of the many programs and initiatives designed to help Australians enter the property market. It’s always a good idea to speak to a financial advisor or a mortgage broker to discuss your options and determine which scheme or initiative is best suited to your needs.

Click here to learn more.

The First Home Loan Deposit Scheme (FHLDS) offers several benefits to eligible first home buyers, including:

1. Smaller deposit requirements
2. Access to the property market
3. Reduced costs
4. Better loan terms
5. Government Guarantee

It’s important to note that the FHLDS has certain eligibility criteria, including income and property price thresholds, and loan amount limits. Therefore, it’s essential to check the eligibility criteria and consider your financial situation carefully before applying for the scheme.

Know more about the benefits of the first buyer deposit scheme here.

Here are some things to consider when applying for the First Home Loan Deposit Scheme (FHLDS):

1. Eligibility Criteria: age, income, citizenship or permanent residency status, and the value of the property you are purchasing
2. Property Requirements: property’s value, location, and type of property
3. Deposit Amount: deposit of at least 5% of the property’s value
4. Lender Requirements: obtain a home loan from an approved lender who participates in the scheme.
5. Loan Repayment Capacity: demonstrate your ability to repay the home loan, including any fees and interest, over the term of the loan
6. Fees and Charges: application fees, mortgage insurance premiums, and any additional fees charged by the lender
7. Timeframe

It’s important to carefully consider all of these factors before applying for the FHLDS to ensure that it’s the right option for you and your financial situation.

Read more here.

Yes. Here are the steps to apply for the First Home Loan Deposit Scheme (FHLDS),

1. Find a lender who is approved to offer FHLDS loans;
2. Apply for the scheme through them;
3. Meet the lender’s eligibility criteria for the scheme and provide any necessary documentation and information they require;
4. The lender will then assess your application and determine if you are eligible for the FHLDS;
5. Once successful, the lender will apply for the scheme on your behalf and provide you with any necessary information about the loan and the property purchase process.

If you are considering applying for the scheme, it’s important to do your research, understand the eligibility criteria and requirements, and choose a lender who is approved to offer FHLDS loans.

Click here to learn more.

If you sell your property that was purchased under the First Home Loan Deposit Scheme (FHLDS), the scheme’s rules state that you must:

• inform the National Housing Finance and Investment Corporation (NHFIC) within 30 days of the sale
• repay the NHFIC any amount of the loan that was provided under the scheme

If you sell your property within the first 12 months of purchasing it under the FHLDS, you may be subject to additional restrictions and fees.

Learn more when you click here.