The federal government has launched an initiative to assist people in entering the housing market for the first time by underwriting home loans for first home buyers. The government scheme for first time buyers allows approved applicants to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance.
First Home Loan Deposit Scheme (FHLDS) updates for FY 2022-23
Exciting increases have been announced in the 2022-23 Federal Budget, allowing more first home buyers access to this scheme! The First Home Loan Deposit scheme has now been officially renamed the First Home Guarantee and from 1 July 2022 – 30 June 2025.
Speak to your mortgage broker to find out all the details!!
You have 5% deposit and want to buy a property can you offer a 5% deposit ?
There are no laws setting the amount of deposit for a property sale. The deposit is usually 10 per cent of the purchase price and paid at the time the buyer makes an offer. The buyer may pay the full deposit or a part deposit, with the remainder paid by a date specified in the contract of sale.
By using the sercices of a Buyers Agent/Buyers Advocate they can negotiate the deposit with the real estate agent in your behalf.
Give us a call for an initial free consutlation and we can talk about this 0432 327 945.