Apply Now For First Home Loan Deposit Scheme (New Homes)
Applications opened in November for the Federal Government’s extension of the First Home Loan Deposit Scheme (FHLDS), known as FHLDS (New Homes).
Among the measures announced in the 2020-21 Federal Budget to assist the nation’s economic recovery in the wake of COVID-19, the FHLDS (New Homes) guarantee is a once-off extension of the existing FHLDS that will support an additional 10,000 FHLDS places this financial year for eligible first home buyers to build or purchase a new home only.
FHLDS (New Homes) enables eligible first home buyers to build or purchase a new home, up to the value of a certain property value threshold, to avoid the cost of Lenders Mortgage Insurance with as little as a 5% deposit. Property value thresholds have been increased for the additional 10,000 places only, with Newcastle and Lake Macquarie increased to $900,000, and Maitland and the wider Hunter Region increased to $600,000.
The Mutual Bank CEO, Geoff Seccombe, said that The Mutual Bank is proud to be the only local member-owned bank from the Hunter Region offering access to the original FHLDS, and now the extended FHLDS (New Homes).
“The Scheme has supported thousands of first home buyers this year, and The Mutual Bank is delighted to be one of a limited number of lenders providing first home buyers with this opportunity,” Mr Seccombe said.
“Despite the challenging year we have had, property prices continue to increase in the Hunter Region making it even more difficult for first home buyers to get into an already competitive market. The First Home Loan Deposit Scheme makes home ownership achievable for young people.”
The FHLDS (New Homes) guarantee can be used in conjunction with other Federal Government programs, like the First Home Super Saver Scheme and Home Builder grant, and NSW Government Grants, including the First Home Owner’s Grant and the NSW stamp duty concession.
In addition to offering the FHLDS and FHLDS (New Homes) guarantees to first home buyers, The Mutual Bank also has a competitive First Home Buyer Package Home Loan on offer. The First Home Buyer Package Home Loan offers a 1.65%p.a. discount on the Standard Variable Rate Home Loan for the life of the loan, fee-free 100% Loan Offset account, and a free initial property valuation.
If you are looking to buy your first home, or would like more information on the eligibility requirements of the FHLDS (New Homes), talk to a local Personal Banking Manager at The Mutual Bank today on 1300 688 825 or visit themutual.com.au
A First Home Buyer Package Home Loan should be considered carefully in terms of your financial situation and is not available for business or commercial purposes.
Application for First Home Buyer Package Home Loan finance is subject to credit approval with First Home Buyer Package Home Loan Terms and Conditions available on application and included in any loan offer. Eligibility criteria, conditions, fees and charges apply to all loans. Issued by Maitland Mutual Limited trading as The Mutual Bank. AFSL/Australian credit licence 238139. Eligibility criteria, terms and conditions apply to the First Home Loan Deposit Scheme and First Home Buyer Schemes.
