A new initiative to lower the deposit you need to purchase your first home
- First Home Buyers – borrow up to 95% of the purchase price and avoid paying Lenders Mortgage Insurance (LMI) with the new First Home Loan Deposit Scheme (FHLDS)
- Save around $14,000 in LMI on a $400,000 home purchase in South Australia
- Use the First Home Owners Grant (FHOG) of $15,000 if an eligible property is purchased.
Assuming a $400,000 purchase using the First Home Loan Deposit Scheme and the $15,000 FHOG, your cash deposit required would be $26,000 (cash deposit is less for a lower purchase price).
The FHLDS can remove the need to use a parent’s equity in their own home to assist you.
There is a lot more information to the scheme, but the above is a good heads up
For further information, give John Kraws a call today on 0402 894 821