From 1 July 2020, 10,000 new places under the Australian Government’s First Home Loan Deposit Scheme (FHLDS) became available for the 2020-21 financial year.

Under the Scheme, eligible first home buyers can purchase a home with a deposit of as little as five per cent. Through the National Housing Finance and Investment Corporation (NHFIC), the Government guarantees up to 15 per cent of the assessed property value to a participating lender.

Applications from 1 July will require a 2019-20 Notice of Assessment from the Australian Taxation Office to demonstrate that their taxable income is no more than $125,000 for individuals and $200,000 for couples.

SOURCE: Southside Mortgages
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