If you’re a first-time homebuyer in Australia, the First Home Loan Deposit Scheme (FHLDS) can be a great option to help you enter the property market sooner. The scheme allows eligible first-time homebuyers to purchase a property with a deposit as low as 5% of the property’s value, with the Australian Government guaranteeing the remaining 15% of the deposit.
Q: How much deposit is accepted with the FHLDS?
A: To be eligible for the FHLDS, you must have saved at least 5% of the property’s value as a deposit. This means that if you are looking to purchase a property that is worth $500,000, you will need to have saved at least $25,000 for your deposit. However, it’s important to note that the amount of deposit required may vary depending on the lender’s requirements, as well as the property’s location and value.
It’s important to remember that the FHLDS is not a grant or a gift – you will still need to repay the mortgage loan, including the government-guaranteed portion of the deposit. However, by reducing the deposit requirement, the FHLDS can make it easier to enter the property market sooner, and it can also help to reduce the amount of interest paid on the mortgage loan over time.