First Homebuyers Benefit from Budget Announcement

The First Home Loan Deposit Scheme (FHLDS) has just been given a boost of 10,000 additional places to help homebuyers secure their first home.

The FHLDS is a government initiative that supports homebuyers to purchase a home with a deposit as little as 5%. The scheme provides a guarantee on lenders mortgage insurance which allows the first home purchaser to get in the market sooner.

The additional places apply to homebuyers who are seeking to purchase off the plan or a newly built home. Places are available until June 2021.

Who is eligible for the scheme?

-Australian citizens who are at least 18 years of age

-Singles with a taxable income of up to $125,000 per annum and couples with a combined income of up to $200,000 (FY2019/2020)

-Applicants must have a deposit between 5 – 20%

-It must be the homebuyers primary place of residence

-The homebuyer must not have previously owned a property or held a property jointly

Alongside this scheme there are other government initiatives supporting the first homebuyer. Those that are eligible will also benefit from the HomeBuilder and First Home Owner Grants which can provide an additional $35,000 incentive to enter the market.

With a steady supply of new housing available in Melbourne’s outer suburbs, housing affordability has never been so supported and accessible for those looking to purchase a place of their own.

Find out more about the First Home Loan Deposit Scheme here

Monument Estate, in Melbourne’s west has a range of affordable house and land packages available. To find out more speak with the Sales Team on 1300 040 563.