Supporting you to buy your first home
The First Home Loan Deposit Scheme is a new initiative of the Australian Government to help first home buyers purchase a home sooner.
It does this by providing a 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 per cent. The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.
Mortgageport is excited to be one of the first lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to provide these loans. We are determined to provide first home owners with great rates to support their dream of home ownership.
How does the First Home Owner Deposit Scheme Work?
The scheme is designed to reduce the cost of financing your first home by removing the need to save a 20% deposit or pay for for lender’s mortgage insurance. Instead the Australian Government supports first home owners by providing a limited guarantee of up to 15% of the property’s value. To download a fact sheet about this scheme click here
Who is Eligible for the First Home Loan Deposit Scheme?
To discover whether you are eligible for the scheme you can check the NHFIC website
The main Eligibility requirements are:
Property price thresholds
To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, there are property price thresholds (maximum property purchase price under the Scheme) which will apply in capital cities, large regional centres and regional areas, you can check your property’s price threshold using the NHFICs property price threshold search tool
Who is Mortgageport
Mortgageport was established in 1998 and has a proud history in providing home loans. We operate as a Non Bank Lender, Mortgage Manager and also have a Mortgage Broking division all designed to provide our customers with access to a wider range of mortgage solutions, Mortgageport treats our customers as individuals and understands that everybody is different. Find out more about Mortgageport
Phone: 02 9466 8200
The information available above is indicative only, with full details to be confirmed on or after the 1st February 2020, on which date we can start accepting formal applications.