{"id":19906,"date":"2020-01-09T10:56:24","date_gmt":"2020-01-08T23:56:24","guid":{"rendered":"https:\/\/www.purefinance.com.au\/?p=19906"},"modified":"2020-11-23T12:44:28","modified_gmt":"2020-11-23T01:44:28","slug":"first-home-loan-deposit-scheme","status":"publish","type":"post","link":"https:\/\/www.purefinance.com.au\/first-home-loan-deposit-scheme\/","title":{"rendered":"First Home Loan Deposit Scheme"},"content":{"rendered":"<img decoding=\"async\" class=\"aligncenter size-full wp-image-19926\" src=\"https:\/\/www.purefinance.com.au\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance.png\" alt=\"\" width=\"2581\" height=\"1740\" srcset=\"https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance.png 2581w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-300x202.png 300w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1024x690.png 1024w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-840x566.png 840w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1720x1160.png 1720w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-992x669.png 992w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-768x518.png 768w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-544x367.png 544w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-400x270.png 400w\" sizes=\"(max-width: 2581px) 100vw, 2581px\" \/>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\">The government\u2019s new <strong>First Home Loan Deposit Scheme<\/strong> (FHLDS) is designed to help those looking to purchase their first home but are struggling to come up with the 20% deposit that is required in order to avoid having to pay Lenders Mortgage Insurance (or LMI: the fee charged by banks when a home loan is equal to more than 80% of the property value).<\/span><\/p>\n<p><span style=\"color: #000000;\">The Scheme officially came into effect on 1<sup>st<\/sup> of January 2020 and, now that it\u2019s up and running, we thought we\u2019d put together everything you need to know about the FHLDS to see if it\u2019s right for you.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong><span style=\"color: #000000;\">WHAT<\/span><\/strong><\/h2>\n<p><span style=\"color: #000000;\">FHLDS is an Australian Government initiative delivered in conjunction with the National Housing Finance and Investment Corporation (NHFIC) to support eligible first home buyers purchase a home sooner.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>HOW<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">The scheme works by providing a deposit guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5%, without needing to pay LMI, with the remaining 15% to be guaranteed by the NHFIC.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>WHEN<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">The scheme became available for eligible borrowers on the 1<sup>st<\/sup> of January 2020 through the participating major lenders and will become available through participating non-major lenders on the 1<sup>st<\/sup> of February 2020.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>WHO<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">There are a lot of parameters around who exactly is eligible for the Scheme. These include:<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">An income test<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">For single applicants, taxable income for the previous financial year must not exceed $125,000<\/span><\/li>\n<li><span style=\"color: #000000;\">For couples, combined taxable income for the previous year must not exceed $200,000<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">A prior property ownership test<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">As the Scheme is only in place to help genuine first home buyers, this test will require borrowers to not have ever owned property in Australia before, including owner-occupied, investment or commercial properties. This also includes any properties that may have been owned with somebody else (i.e. a former spouse or de facto partner)<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">A citizenship test<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">The Scheme is only open to current Australian citizens and if borrowers are applying under the Scheme as part of a couple, then both will need to be Australian citizens.<\/span><\/li>\n<li><span style=\"color: #000000;\">The Scheme is not open for permanent residents who are not Australian citizens.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">A minimum age test<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">Applicants must 18 years of age or over<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">A deposit requirement<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">The Scheme is to assist those who have at least 5% of the value of an eligible property saved as a deposit. If 20% or more is saved, then the home loan will not be covered by the Scheme.<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"color: #000000;\">An owner\/occupier requirement<\/span><\/strong><\/p>\n<ul>\n<li><span style=\"color: #000000;\">To satisfy this requirement, borrowers must move into the property within 6 months from the date of settlement or, if later, the date an occupancy certificate is issued. They must then continue to live in that property for as long as their home loan has a guarantee under the Scheme.<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><em>Still unsure if you\u2019re eligible? The NHFIC have a nifty tool on their website to help! You can find it <span style=\"color: #50b8b1;\"><strong><a style=\"color: #50b8b1;\" href=\"https:\/\/www.nhfic.gov.au\/what-we-do\/fhlds\/eligibility\/\">here<\/a>.<\/strong><\/span><\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><img decoding=\"async\" class=\"aligncenter size-full wp-image-19932\" src=\"https:\/\/www.purefinance.com.au\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1.png\" alt=\"\" width=\"2581\" height=\"1740\" srcset=\"https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1.png 2581w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-300x202.png 300w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-1024x690.png 1024w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-840x566.png 840w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-1720x1160.png 1720w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-992x669.png 992w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-768x518.png 768w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-544x367.png 544w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/First-Home-Loan-Deposit-Scheme_Pure-Finance-1-400x270.png 400w\" sizes=\"(max-width: 2581px) 100vw, 2581px\" \/><\/h2>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n<h2><strong><span style=\"color: #000000;\">The Property Requirements<\/span><\/strong><\/h2>\n<p><span style=\"color: #000000;\">For a property to be eligible under the scheme it must be:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">a \u2018residential property\u2019<\/span><\/li>\n<li><span style=\"color: #000000;\">an existing house, townhouse or apartment<\/span><\/li>\n<li><span style=\"color: #000000;\">a house and land package<\/span><\/li>\n<li><span style=\"color: #000000;\">land together with a separate contract to build a home<\/span><\/li>\n<li><span style=\"color: #000000;\">an off-the-plan apartment or townhouse<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #000000;\">Property Price Thresholds<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">Because the Scheme is designed only to assist in the purchase or construction of modest homes the following property price thresholds apply in capital cities, large regional centres and regional areas:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-19911\" src=\"https:\/\/www.purefinance.com.au\/uploads\/2020\/01\/1-1.png\" alt=\"\" width=\"2000\" height=\"1400\" srcset=\"https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1.png 2000w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-300x210.png 300w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-1024x717.png 1024w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-840x588.png 840w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-1720x1204.png 1720w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-992x694.png 992w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-768x538.png 768w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/1-1-544x381.png 544w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><em>Unsure of the price threshold for the suburb you\u2019re looking in? You can use the NHFIC\u2019s property price threshold tool<span style=\"color: #50b8b1;\"><strong> <a style=\"color: #50b8b1;\" href=\"https:\/\/www.nhfic.gov.au\/what-we-do\/fhlds\/property-price-thresholds\/\">here<\/a>.<\/strong><\/span><\/em><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong><span style=\"color: #000000;\">The Loan Requirements<\/span><\/strong><\/h2>\n<p><span style=\"color: #000000;\">To be eligible for the Scheme, the home loan itself must:<\/span><\/p>\n<ul>\n<li><span style=\"color: #000000;\">be secured by a registered first ranking mortgage over the property<\/span><\/li>\n<li><span style=\"color: #000000;\">be secured by one of the 27 participating lenders (see full list below)<\/span><\/li>\n<li><span style=\"color: #000000;\">have no other registered owners at the time of settlement other than the eligible borrower\/s<\/span><\/li>\n<li><span style=\"color: #000000;\">have 100% of the loan proceeds used for the purchase or construction of the property<\/span><\/li>\n<li><span style=\"color: #000000;\">have a loan amount not less than 80% and not more than 95% of the property value<\/span><\/li>\n<li><span style=\"color: #000000;\">have a loan term of 30 years or less<\/span><\/li>\n<li><span style=\"color: #000000;\">Be principal and interest loan repayments (except during construction phase) with an option for fixed\/variable loan combo<\/span><\/li>\n<li><span style=\"color: #000000;\">allow for no changes to loan terms, such as an increased limit<\/span><\/li>\n<\/ul>\n<p><span style=\"color: #000000;\"><strong>\u00a0<\/strong><\/span><\/p>\n<h2><strong><span style=\"color: #000000;\">Which Banks?<\/span><\/strong><\/h2>\n<p><span style=\"color: #000000;\">According to the NHFIC, the 27 participating lenders that were selected to take part in the Scheme were chosen \u2018on the basis of a range of criteria including the competitiveness of their home loan offering, geographic reach and readiness to meet Scheme implementation timelines.\u2019<\/span><\/p>\n<p><span style=\"color: #000000;\">They have also outlined that, contrary to some earlier speculation, the chosen lenders won\u2019t be charging those on the Scheme a higher interest rate than those outside the Scheme (as we would hope not!)<\/span><\/p>\n<p><span style=\"color: #000000;\">The list of participating lenders are:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><img decoding=\"async\" class=\"size-full wp-image-19913 aligncenter\" src=\"https:\/\/www.purefinance.com.au\/uploads\/2020\/01\/2-1.png\" alt=\"\" width=\"2000\" height=\"1400\" srcset=\"https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1.png 2000w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-300x210.png 300w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-1024x717.png 1024w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-840x588.png 840w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-1720x1204.png 1720w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-992x694.png 992w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-768x538.png 768w, https:\/\/www.purefinance.com.au\/wp-content\/uploads\/2020\/01\/2-1-544x381.png 544w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><strong><span style=\"color: #000000;\">The Fine Print<\/span><\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #000000;\">Only 10,000 borrowers are eligible per year<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">This means there\u2019s just under a one in ten chance that prospective first home buyers that apply for the Scheme will be successful. These numbers look even worse if you factor in an increase in applications that will invariably occur now that the Scheme has officially launched. Even so, we\u2019ll keep our fingers and toes crossed for you\u2026<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #000000;\">It could end up more expensive long term<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">Whilst the Scheme will save borrowers from a potentially hefty LMI fee and help them to get into their own home sooner, it\u2019s important to be mindful that: the smaller the deposit, the bigger the loan (which means more interest paid over the life of the loan). Remember, if you\u2019re unsure, we\u2019re here to run through all the numbers with you beforehand.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong><span style=\"color: #000000;\">It\u2019s not \u2018free money\u2019<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">Rest assured, the banks will be running all their usual checks to make sure that borrowers under the Scheme will be able to afford loan repayments. This means, prospective borrowers will still have to meet the banks loan serviceability requirements around income and expenditure, so it\u2019s worth looking at how much you\u2019ll be able to borrow before applying. In case you were wondering, we can help with that too!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000000;\"><em>Got a question about the FHLDS that we didn\u2019t answer here? Drop us a line!<\/em><\/span><\/p>\n<p><span style=\"color: #50b8b1;\"><em><a style=\"color: #50b8b1;\" href=\"mail&#116;&#111;&#58;&#105;&#110;&#102;&#111;&#x40;&#x70;&#x75;&#x72;&#x65;&#x66;&#x69;&#x6e;&#x61;nce&#46;&#99;&#111;&#109;&#46;&#97;&#117;\">&#x69;&#110;&#102;&#x6f;&#x40;&#112;&#117;&#x72;&#x65;&#102;&#105;&#x6e;&#x61;&#110;&#99;&#x65;&#x2e;&#99;&#111;&#x6d;&#x2e;&#97;&#117;<\/a><\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We take a look at the government\u2019s latest offering which aims to help first home buyers get a foot on the property ladder sooner<\/p>\n","protected":false},"author":90,"featured_media":19912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[304,35,288,36,305,306,307,198,38],"financial_goals":[],"class_list":["post-19906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-fhlds","tag-finance","tag-finance-for-good","tag-first-home-buyer","tag-first-home-buyers","tag-first-home-loan-deposit-scheme","tag-first-home-owner","tag-home-loan","tag-pure-finance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The government&#039;s new First Home Loan Deposit Scheme explained!<\/title>\n<meta name=\"description\" content=\"We take a look at the government\u2019s new First Home Loan Deposit Scheme (FHLDS) which aims to help first home buyers get a foot on the property ladder sooner.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.purefinance.com.au\/first-home-loan-deposit-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The government&#039;s new First Home Loan Deposit Scheme explained!\" \/>\n<meta property=\"og:description\" content=\"We take a look at the government\u2019s new First Home Loan Deposit Scheme (FHLDS) which aims to help first home buyers get a foot on the property ladder sooner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.purefinance.com.au\/first-home-loan-deposit-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"Pure Finance\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-08T23:56:24+00:00\" \/>\n<meta property=\"article:modified_time\" 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