FHLDS is an Australian Government initiative to make Australians eligible to purchase their first home sooner than expected paying an upfront deposit of as little as 5% of total property value. This Scheme is administrated by the National Housing Finance and Investment Corporation (NHFIC).
Lenders Mortgage Insurance (LMI) is to be paid by First Home Buyer if the deposit is less than 20%. But under the scheme, eligible first home buyers pay a deposit of as little as 5% which is due to NHFIC guarantees the remaining deposit up to 15% to a participating lender
FHLDS Scheme benefits 20,000 eligible Australians who are dreaming of their first home (which used to be 10,000 and Federal Budget 2020-2021 another 10,000 to make a total of 20,000). Currently, 27 lenders are supporting NHFIC to help this goal achieved.
Eligibility: To be eligible for this grant first home buyers must comply with these criteria:- This scheme is open for singles as well as couples (spouse or de facto partner)
- Taxable Income must not exceed $125000 for Singles and $200000 for couples (Based on previous Financial Year)
- Have not owned any type of property in Australia.
- Must be current Australian Citizen
- Must be over 18 years of age
- Fulfill owner Occupied Requirements.
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