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The First Home Loan Deposit Scheme

While buying your first home is an exciting and emotional journey, it sometimes is very confusing.

Every buyer has their own perspective. Some look for a good area with good schools, while others look for a new house and growth potential. Every buyer’s needs, objectives, and circumstances are different.

But what is common among the first home buyers? The amount of deposit. A lot of first home buyers are very tight on the budget with limited deposits.

If you are fortunate to have a 20% deposit, let our qualified and experienced mortgage brokers help you find the best lenders with the best interest rates.

But if you are not fortunate enough to have a 20% deposit, don’t worry. We have lenders who would lend for your first home without charging you Lender Mortgage Insurance (LMI).

Have you heard of First Home Loan Deposit Scheme commonly known as FHLDS?

Let us give you a brief on what is FHLDS.

This scheme was launched by the Australian government to help first home buyers buy their first home early than it would have been possible without paying LMI (Lenders Mortgage Insurance). Due to skyrocketing prices of houses all over Australia especially in Melbourne, Sydney, Adelaide, and Brisbane, it is getting very tough for the first home buyers to get into the market.

By launching FHLDS, the Australian government through NHFIC (National Housing Finance and investment corporation) provides a guarantee for eligible low and middle-income first home buyers to purchase their first home with a deposit of 5%. To take advantage of this scheme you need to be an Australian citizen. Australian Permanent Residents are not eligible under this scheme. There are other eligibility criteria that our experienced and qualified mortgage brokers will discuss with you. Even if you are not eligible for this scheme, there are other solutions available that our experienced mortgage brokers can discuss with you.

The FHLDS supports approximately 10 thousand first home buyers buying their first home which otherwise would not have been possible. We have multiple lenders who lend to first home buyers under this scheme. We can help you secure a place under FHLDS even if you have a 5% deposit so that you don’t have to pay Lenders Mortgage Insurance (LMI).

What also needs to be noted is the maximum purchase price for a postcode of your first home under the scheme. Our team of qualified and experienced mortgage brokers will help you determine your eligibility for the First Home Loan deposit scheme (FHLDS). As an Oracle Ezy Finance client, you leave all the technicalities and paperwork required under this scheme to our experienced mortgage brokers who are thorough professionals. You supply us with the required paperwork and leave all the worries of getting the finance for your first home to us.

Oracle Ezy Finance is a team of qualified mortgage brokers based in Bundoora, Melbourne, Victoria who are members of FBAA and AFCA. So, you know you are working with thorough professionals who are honest and will always give you the advice which is in your best interest. We serve clients all over Melbourne and Geelong.

We also specialize in First Home Loans, Investment loans, SMSF property loans, Land and Construction loans, and car loans.

We also come to you at your home to give expert advice in your home comfort.

Contact Oracle Ezy Finance to find the most suitable loans as per your needs and objectives.

*All information is general in nature. Please get in touch with us to determine your eligibility.

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