First home loan deposit scheme reaches capacity (for now)

Get ready for round 2!

Now, even though the scheme kicked off at the beginning of this calendar year, the next phase is set to begin when the new financial year ticks over on July 1.

And you’ll want to be organised when July rolls around.

Let us explain why.

The 10,000 spots in the scheme are broken up into two lots of 5,000 – one half for two major lenders (CBA and NAB), and one half for 25 non-major lenders.

If you’re interested in applying through one of the two major lenders, it’s important to note that they go pretty quick.

In fact, 3000 of these 5000 spots were reserved in the first 10 days of the scheme being launched back in January.

With that in mind, if you’re interested in applying for the scheme through a major lender you’ll want to get in touch with us now so we can start getting organised.

Are you eligible?

In order to be eligible, first home buyers can’t have earned more than $125,000 in the previous financial year, or $200,000 for couples (and both buyers need to be first home buyers).

There are also property price caps for different cities and regions across the country, which you can find out more about here.

Also, even though you may have a 5% deposit saved for a house, you still need to obtain finance approval from a participating lender.

And that’s where we can help.

We’re more than happy to run through the scheme in more detail and, if you’re eligible, help you apply for finance with one of the scheme’s participating lenders before places fill up again.

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