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  • First Home Loan Deposit Scheme

    Variable Interest Rate
    2.99
    %p.a.
    Comparison Rate
    3.05
    %p.a.
    Comparison rate warning

    Comparison rate warning

    Comparison rate is calculated on a $150,000 secured loan, over a 25-year term.

    WARNING: Comparison rate is true only for examples given and may not include all fees and  charges. Different terms, fees or other loan amounts might result in a different comparison rate. For variable interest-only loans, comparison rates are based on an initial 5-year Interest Only period. For fixed or guaranteed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed or guaranteed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

    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

     

    Buying your first home

    The First Home Loan Deposit Scheme will help people buy their first home sooner

    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:

    • You must be an Australian citizen and so must your spouse/partner.
    • It’s only available to first home buyers
    • Your taxable income must be no more than $125,000 or no more than $200,000 if applying with a spouse/partner in the last financial year
    • You must live in the property after you’ve purchased it
    • The maximum property purchase price must be below the threshold limit set by the NHFIC
    • You are only eligible to receive the Government Guarantee once

    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 

    Contact Us

    Phone: 02 9466 8200

    Email: info@mortgageport.com.au

    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.


    First Home Owner Deposit Scheme Loan
    Interest Rates
    • 2.99% p.a variable rate
    • 2.99% p.a 1 year fixed rate
    • 2.99% p.a 2 year fixed rate
    • 3.19% p.a 3 year fixed rate
    • 3.29% p.a 4 year fixed rate
    • 3.39% p.a 5 year fixed rate
    Loan Fees
    • Application Fee $330.00 (includes the cost of one property valuation)
    • Lender’s Legal Fee $330.00
    • Loan Settlement Fee $100.00
    • Discharge Fee $495.00
    • Ongoing Account Fees – Nil
    Loan Features
    • Loan term of up to 30 years
    • Principal and Interest repayments (interest only available for up to 12 months during the construction of a new home)
    • Available for owner occupied purposes only
    • Weekly, fortnightly or monthly repayments
    • Re-draw available if you are ahead of your scheduled repayments
    • Unlimited additional repayments during a variable rate and up to $20,000 per annum while on a fixed interest rate
    • Split loans available (additional fees apply)
    • Minimum loan size is $50,000
    • Maximum loan size depends on property location, but no more than $665,000
    • Construction loans and house and land packages are available (different fees apply)

     

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