The First Home Loan Deposit Scheme Extended By 90 days
An ideal time to buy your first home
For first home buyers, there are many great reasons to start planning your new home at Olivia today. This includes the First Home Loan Deposit Scheme (FHLDS) for first home buyers. Once approved, the FHLDS has a 90 day window for successful applicants to find a home and access the scheme.
COVID restrictions have made it more challenging for people to get out and about and find property. In April this year, the federal government announced a 90 day extension to the scheme taking the stress out of having to find the right home in a hurry. You now have another 90 days, a total of six months to find a new home and access the FHLDS.
To find out whether you are eligible and how to apply for the First Home Loan Deposit Scheme, please have a look at the FAQ’s section of the Government’s website here.
What is the First Home Loan Deposit Scheme (FHLDS)?
The First Home Loan Deposit Scheme is a federal government initiative to help people buy into the property market. Usually first home buyers with less than 20% deposit need to pay lenders mortgage insurance (LMI), which can be up to $20,000 for a home valued at $500,000. That’s a substantial amount of money that can be otherwise used to pay the mortgage down.
With the FHLDS, you can buy a home with as little as 5% deposit without having to purchase LMI. Instead, the federal government acts as a guarantor for the remaining 15%, saving you thousands of dollars. Only 10,000 places are available every new financial year, and they are snapped up quickly. We recommend getting in touch with a participating mortgage broker sooner than later to determine your eligibility.
Burbank exclusive $20K offer to Olivia property owners
If you haven’t already selected a builder, now is the perfect time. In addition to the FHLDS, Burbank are offering Olivia purchasers up to $20,000 in free upgrades with their Move-In pack. COVID-19 has made us all question the future, but we all still need a home.
Be smart. Take advantage of this offer and put these savings toward your home investment. You can use the upgrade pack for things such as increasing the height of your ceilings, upgrading the stone benchtop or oven in the kitchen, as well as external features such as upgrading your paving, garage doors and external lighting, plus more.
Up to $55K of reasons to buy and build at Olivia sooner than later for first home buyers
With the FHLDS, the First Home Owner’s Grant, the HomeBuilder Grant and the Burbank offer which was only recently announced, that’s $55,000 you can put toward this very important investment. COVID may be bringing uncertainty, but it’s also bringing opportunities such as these.
For more information as a first home buyer, please read our blog $35K+ worth of reasons to start building your dream home at Olivia in 2020.
Olivia is an ideal first home and community to raise your family
As we head toward settlements in August and September, valuations have been healthy and Olivia property owners are busy organising their home build.
If you haven’t already had your land valued, your valuer can arrange the valuation by contacting our Estate Manager, Christian Taverna, on 0422 871 939 to book their place.
For help with financing, we have George and Tom who are here to help you. George Tofa is a Mortgage Broker at Liberty with over 3 years’ experience running his own business, you can get in touch with him at 0432 725 244.
Tom Kuo is a Mobile Home Lending Executive at Commonwealth Bank, you can get in touch with him at 0436 916 458.
For more information about how the First Home Loan Deposit Scheme works and whether you are eligible, you can visit the Australian Government’s website here.
If you have any other questions, please contact our Estate Manager Christian on 0422 871 939 or email [email protected]