A Wagga couple has become the latest to secure home ownership sooner through the Australian Government’s popular First Home Loan Deposit Scheme (FHLDS) which can help Australians to secure a home with as little as a 5 per cent deposit and no lenders mortgage insurance.
Defence Bank is right behind the Australian Government’s First Home Loan Deposit Scheme, New Home Guarantee and Family Home Guarantee.
These initiatives support eligible first home buyers and single parents to purchase a home sooner.
First Home Loan Deposit Scheme (FHLDS).
The FHLDS provides a guarantee to allow eligible first home buyers to purchase a home with a deposit of as little as five (5) per cent. However, the scheme is supporting only a limited number of home loans. Applications with Defence Bank start 1 February 2020. First in, best addressed.
The Australian Government has released an additional 10,000 places for the 2021-2022 financial year, specifically for eligible first home buyers purchasing new homes.
New Home Guarantee (NHG).
The NHG provides a guarantee to allow eligible first home buyers to build or purchase a new home with a deposit of as little as five (5) per cent. Like the FHLDS, the NGH supports only a limited number of home loans with 10,000 places available for the 2021-2022 financial year. First in, best addressed.
Family Home Guarantee (FHG).
Defence Bank is proud to offer its members the Family Home Guarantee with 10,000 places available over four financial years from 1 July 2021 to 30 June 2025. This scheme aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit of as little as two (2) per cent.
Do these schemes work with DHOAS?
All schemes apply to Defence Bank’s competitive range of existing home loan packages including the Defence Home Ownership Assistance Scheme (DHOAS).