Your own Home in the Blink of an eye

Saving the 20% deposit towards purchasing your first home is a daunting task, for many it seems unattainable. However, the Australian Government has released their 2020 First Home Loan Deposit Scheme to help Australians own their own home, sooner.

The National Housing Finance and Investment Corporation is committed to providing affordable housing and seeing more Australians in their own homes and out of the rental whirlpool. The way they plan to achieve this in 2020 is by allowing first home buyers to put down a 5% deposit rather than the traditional 20%.

Am I eligible?

Within this scheme you can either apply as a couple or a single individual, for both classifications, applicants must be over the age of 18 and have never previously owned either residential or investment properties.

Applicants must also pass an income test, this requires singles to have a taxable income no greater than $125,000 for the previous financial year and a combined taxable income of no greater than $200,000 for couples.

Only certain properties are available under this scheme, including specific areas, with each having their own purchase price limits to access the scheme. The property price thresholds for each state can be viewed here.

Once determining your eligibility and understanding the specifics regarding the area of which you wish to purchase your first home, applicants must then verify that they can put forward the 5% deposit.

The scheme is currently only open to Australian Citizens.

For the full list of requirements the NHFIC has provided an online tool to allow you to understand whether you are an eligible recipient to this scheme.