23/08/2021
It's never been easier to secure a mortgage with record-low interest rates, smaller deposit requirements, and government assistance. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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New government grants were annnounced. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The First Home Loan Deposit Scheme (FHLDS), the New Home Guarantee, and the Family Home Guarantee. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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FIRST HOME LOAN DEPOSIT SCHEME⠀⠀⠀⠀⠀⠀⠀⠀⠀
From 1 July 2021, there are 10,000 new places released, which will allow eligible first-home buyers to purchase a property with as little as 5% deposit and without the need for lenders mortgage insurance (LMI). ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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NEW HOME GUARANTEE⠀⠀⠀⠀⠀⠀⠀⠀⠀
There are an additional 10,000 spaces available for first-home buyers building or purchasing new homes. This includes newly constructed dwellings, off the plan dwellings, house and land packages and land with a separate new home contract to build. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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FAMILY HOME GUARANTEE⠀⠀⠀⠀⠀⠀⠀⠀⠀
There are also 10,000 places in The Family Home Guarantee which allows single parents with dependent children to buy a property with a deposit of as little as 2%, so long as they can service the loan, and the government will act as the guarantor on the loan. This scheme is not limited to first-home buyers, but applicants may not currently own a property. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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*terms and conditions and eligibility criteria apply. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Speak to Loan Success to find out more about the requirements for these schemes. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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