A Warnbro couple has been the latest to benefit from the Australian Government’s popular First Home Loan Deposit Scheme (FHLDS) which can help Australians to secure a home with as little as a five per cent deposit and no lenders mortgage insurance*.
The Scheme has proved extremely popular, with Rockingham the number one postcode in WA for accessing the program and Stirling also in the top ten.
A report released this week from the National Housing Finance and Investment Corporation (NHFIC) underlined the popularity of the Scheme, with one in eight first home buyers purchasing under the Scheme between March and June, including essential workers such as defence personnel in regional areas.
Based on NHFIC’s analysis, the Scheme enabled first home buyers without alternative financial means to bring forward their purchase by an average of four years.
Defence Bank worked with Margaret and Mark Powell to secure their home in Warnbro in Western Australia.
“We thought we wouldn’t have a deposit big enough,” Margaret said.
“If we didn’t have access to the Scheme it would have taken another few years.”
Margaret says the process through Defence Bank was much easier than she anticipated.
“We didn’t think purchasing a home would be so smooth, we thought it would be a harrowing experience, but it was so easy dealing with Anna and Sue at Defence Bank at Stirling,” Margaret said.
“It was so smooth, just boom boom boom, they took over and we didn’t have to stress about anything.
“I think it will be our forever home, it has a pool and the gardens are established and it’s quite rare to find such a big block which is why we love it.
“My advice to other first home buyers is just do your budget well, make sure you don’t have any outstanding debts, clear all those first. See that you can afford to put money away and pretend it doesn’t exist and put it somewhere that you can’t access.”
Defence Bank was selected for the Scheme panel of lenders after satisfying criteria including home loan competitiveness, geographic reach and readiness to meet Scheme implementation timelines.
Places are limited for the First Home Loan Deposit Scheme. To discuss your homeownership dream speak to one of our Defence Bank home loan consultants today.
*Eligibility and lending criteria apply.
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.