The 2022 National First Home Deposit Scheme (NFHDS) parameters have now been set and lenders participating in the scheme are now starting to reserve places. The NFHDS allows first home buyers to borrow up to 95% of their property value with no lenders mortgage insurance being applicable, meaning substantial savings in mortgage premiums and interest over the life of the loan.
From the Gold Coast to the Sunshine Coast the good news is that the price cap has now lifted on new and established homes to $650,000, and for the rest of Queensland the new limit is $500,000 - recognition that our market has experienced a big increase in prices.
To get yourself ready for acceptance into the scheme, we strongly recommend that you lodge your tax returns as soon as possible in the new financial year as your approval won’t be formalised until such time as your notices of assessment are provided by the ATO.
We have access to a number of lenders that are participating in the scheme and are here to guide you towards the right lender for your needs and situation.
For single applicants to pass the income test, a maximum income of $125,000 per annum applies; for couples the income threshold rises to $200,000.
You must be an Australian citizen and you must be able to evidence that you have saved or held a minimum 5% deposit.
If you'd like more information about this scheme, get in touch with Bribie Island Lending today.
We are based on the beautiful Queensland coast, between the Sunshine Coast & Brisbane and we offer a complimentary home loan broking service.
Make an appointment today for an obligation-free chat, to talk about what you need and how we can help.
*This article is general information only and does not constitute financial advice. Your personal circumstances will need to be assessed before any product or proposal is recommended. Mark Hind is an Authorised Credit Representative (ACR 519951) of Outsource Finance Pty Ltd, Australian Credit Licence 384324.
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