Yes you read that correctly…
If you are a first home buyer and looking to do a house and land package then now is the time to act because all you now need is a 5% deposit.
During the federal budget, the Federal Government released a further 10,000 spots to Australian citizens looking to do house and land package under the FHLDS.
Anyway, that’s politics!
But the reality here is that it’s never been easier to own your home. The FHLDS stands for the First Home Loan Deposit Scheme and was created to guarantee the 15% required to avoid banks charging you the dreaded LMI or Lenders Mortgage Insurance.
Why is this important or why should you care?
Right now, all you need is 5% genuine savings which in the example below would allow you to buy a house and land package worth up to $600,000. 5% = $33,000 and on top of that, you would pay:
$0 Stamp Duty*
$0 LMI (lenders mortgage insurance)
$2308.9 per month or ($533 p/week)**
On top of all this, you get the state government $10,000 or $20,000 (for regional) First Home Owners Grant (FHOG) and the Home Builder Grant of $25,000 as long as you sign a building contract no later than 31 December 2020 and be on site within 6 months.
So, lets recap.
5% deposit required to get in ($33,000 for $600,000)
$0 Stamp Duty
$0 LMI
$35,000/$45,000 Cash Back (in your pocket!)
Essentially, if you have $33,000 right now and you are a first home buyer then you technically get this property without putting any money in (and in some case, you make money from this transaction)
Yes I know that this all sounds too good to be true. To be honest, I ignored this when I first heard the original but I have already helped my clients get into their first home under this scheme so I am trying to help as many people that I possibly can.
Of course, every single person and/or couples situation is unique. You will still need to go through the same standard process to check eligibility and serviceability. However, if you were looking for a golden lifeline then look no further… its finally arrived.
*$0 stamp duty is correct however, there will be other fees like transfer cost and conveyancing fees which you will see once you receive a quote from us.
**this repayment is an example based on 2.69% and is calculated based on the end debt – get in contact should you require more info around this
More info links
https://www.sro.vic.gov.au/homebuilder-grant-guidelines
https://www.sro.vic.gov.au/first-home-owner
https://www.nhfic.gov.au/what-we-do/fhlds/
