Good news for first home buyers! The federal government has reissued 1,800 unused spots from the first round of the first home loan deposit scheme (FHLDS).

The FHLDS helps eligible first home buyers break into the property market faster as the government guarantees up to 15% of mortgage. This means you can secure a home loan with a deposit of as little as 5% without having to pay lender’s mortgage insurance (LMI).

LMI is a one-off charge added to your home loan. It protects the lender should you subsequently default on your mortgage.

The first round of the scheme was highly popular when it launched in January 2021, with 3,000 of the 10,000 places snapped up within the first two weeks alone. A further 10,000 spots were made available from 1 July 2021. However, these were restricted to first home buyers who wanted to build or buy a brand new property.

So, if you’ve got your eye on an established property – the time to act is now.

Are you eligible?

To be eligible, you need to meet the following criteria:

• Australian citizen at least 18 years of age
• First home buyer who has not owned or had an interest in residential property before
• Earn up to $125,000 (single) or up to $200,000 (couple)
• Have a deposit of between 5% and 20% of the property’s value
• Take out an owner-occupier loan with principal-and-interest repayments

Property price caps also apply:

• Sydney and regional centres in NSW – $700,000
• Rest of NSW – $450,000
• Melbourne and regional centres in VIC – $600,000
• Rest of VIC – $375,000
• Brisbane and regional centres in QLD – $475,000
• Rest of QLD – $400,000

Tick all these boxes? Speak with 1st Street to discuss your options and get the ball rolling today. Call 1300 17 87 87, email info@1ststreet.com.au or fill in this online form.