Well 2020 is upon us and with it comes the eagerly awaited ‘First Home Loan Deposit Scheme’ (FHLDS), which officially kicked off on 1 January 2020.

Here are a few important details and links you should know about to help you on your pathway of becoming a new home owner in Thornhill Park.

The Federal Government scheme is being co-ordinated by The National Housing Finance and Investment Corporation (NHFIC). It is eligible for the first 10,000 borrowers who apply each financial year.

In essence, it’s a saving on mortgage insurance for borrowers with housing deposits as low as 5 per cent, with the Federal Government providing the guarantee over the loan.

Are you eligible under the scheme?

As a first homebuyer, you must be:

  • An Australian citizen
  • Who is at least 18 years of age
  • With a taxable income limited up to $125,000 per annum for singles and up to $200,000 per annum for couples.

NHFIC have an online tool to help guide you through the scheme’s eligibility criteria.

What properties are eligible?

At Thornhill Park, we will be offering handpicked House & Land packages that are within the FHLDS selection criteria. The scheme describes an eligible property to be a ‘residential’ dwelling classified as:

  • A new-build dwelling, such as a house and land package, a land and separate build or an ‘off-the-plan’ residence.

There is a maximum property price threshold of $600,000. To save you time and effort finding the right suitable dwelling, our experienced Estate Sales Managers are working with Victoria’s best builders to give you floorplan options that best suit your living needs.

The scheme is only supporting ‘owner-occupiers’, so investment properties are not eligible. Another fantastic reason to join our growing community at Thornhill Park.

If you are interested to find out more on a property’s eligibility, a comprehensive list can be found here.

Lenders

In all, 27 lenders have been selected to offer the guarantee-backed loans to first homebuyers.

Since 1 January 2020, the Commonwealth Bank and NAB have been able to access the scheme for their clients, with the remaining 25 non-major lenders to come onboard from 1 February 2020.

For a full list of the major and non-major lenders that have been selected for the scheme, check out the link here.

How to apply?

An application needs to be lodged with the mortgage lender of your choice and their authorised representatives. No applications are made to the NHFIC.

Remember to structure the mortgage in a way that best suits your personal circumstances. We encourage you to seek out independent financial and legal advice before proceeding.

Further information

To get more information on eligible House & Land Packages within Thornhill Park, contact our expert Estate Manager, here: thornhillpark@rpmrealestate.com.au.

A great independent source of information is through NHFIC’s website, which provides a range of fact sheets, FAQs and useful links.

Any questions or inquiries can be sent to at enquiries@thornhillpark.com.au.

We hope this overview has been a good starting point. Don’t forget the scheme is for the first 10,000 who make an application each financial year.

Good luck with finding a great lender and with your application. We are looking forward to welcoming you to Thornhill Park’s community in the not too distant future.

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