The Australian Government has announced the Federal Home Loan Deposit Scheme has been extended to an additional 10,000 places until 30 June 2021.
The move will provide eligible first home buyers with the continued support they need to secure a home loan and enter the property market.
The scheme allows first home buyers to obtain a loan to build or buy a newly built home with a deposit as low as five per cent, subject to lending criteria.
There have been some amendments to the rules and the price caps, and further information will be released later this week via: www.nhfic.gov.au/what-we-do/fhlds/
| State | Capital city and regional centre – new cap | Rest of state – new cap |
|---|---|---|
| Western Australia | $550,000 | $400,000 |
| Queensland | $650,000 | $500,000 |
| Victoria | $850,000 | $550,000 |
| South Australia | $550,000 | $400,000 |
| New South Wales | $950,000 | $600,000 |
| ACT | $600,000 | N/A |
| Northern Territory | $550,000 | N/A |
| Tasmania | $550,000 | $400,000 |
