First Home Loan Deposit Scheme Canberra Now Available
First Home Loan Deposit Scheme Canberra Now Available
What is the First Home Loan Deposit Scheme Canberra?
The First Home Loan Deposit Scheme Canberra is a new program aimed at helping first-time homebuyers in the nation’s capital get on the property ladder faster. The scheme is available from 1st April 2023 and was designed to assist first-time home buyers who are unable to save a 20% deposit for their first home.
How Does the Scheme Work?
The scheme works in two ways. Firstly, it provides a guarantee to participating lenders that if a borrower defaults on their loan, the Government will cover up to 15% of the total loan value. Secondly, the scheme helps borrowers reduce their deposit requirement from 20% to as little as 5%. This means that buyers can enter the market sooner and with less money.
Who is Eligible for the First Home Loan Deposit Scheme Canberra?
To be eligible for the scheme, buyers must meet the following criteria:
- Be an Australian citizen or permanent resident
- Be at least 18 years of age
- Have a combined annual income of not more than $125,000 for a single applicant or $200,000 for a couple
- Be purchasing a property in Canberra
- Have a deposit of at least 5% of the property purchase price
What Types of Properties are Eligible for the Scheme?
The scheme is open to buyers who are purchasing a new or existing home, townhouse, or apartment in the ACT. The property must be valued at less than $800,000.
What are the Benefits of the Scheme?
The scheme offers a number of benefits to first-time home buyers in Canberra. It allows them to enter the property market sooner and with less money. It also provides them with the peace of mind that, if they default on their loan, the Government will cover up to 15% of the total loan value.
How to Apply for the Scheme
The First Home Loan Deposit Scheme Canberra is available from 1st April 2023. To apply, buyers must contact a participating lender and provide the necessary documents. The lender will then assess the application and advise the buyer if they are eligible for the scheme.
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