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Tuesday, 31 December 2019

Happy NY first homebuyers

Deposit scheme commences

Happy NY and all that.

The first home loan deposit scheme (FHLDS) kicks off effective today, 1 January 2020.

The details of how to qualify can be found here.

The scheme is initially capped at 10,000 slots per financial year, so there may yet be another 10,000 places available from 1 July.

The FHLDS is available through 27 lenders, including Commonwealth Bank and the NAB of the majors.

First homebuyers have already been increasingly active since Labor lost the election.

And if the success of previous schemes is anything to by, first homebuyer commitments will soon hit the highest level since the Rudd stimulus.  

Given the terms of the scheme it may be worth considering participating, even if you have a 10-20% deposit.

Please note this is not advice, and of course you should never borrow more than you can comfortably afford to repay!