Talk to us today about FHLDS and Family Home Guarantee
On 1 July 2021 new places in the Federal Government’s First Home Loan Deposit Scheme (FHLDS) and new Family Home Guarantee were released.
FHLDS is an Australian Government initiative to support eligible first home buyers to purchase their first home sooner. 10,000 FHLDS places are now available to eligible first home buyers until 30 June 2022.
Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under the FHLDS, eligible first home buyers can purchase a home with as little as 5% deposit without paying lenders mortgage insurance through a government guarantee.
The Family Home Guarantee is a new Federal Government initiative that aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous homeowner.
10,000 Family Home Guarantees are now available over four financial years from 1 July 2021 to 30 June 2025.
The Mutual Bank is the only local bank based in the Hunter Region participating in these Schemes.
CEO Geoff Seccombe said The Mutual Bank has participated in the FHLDS since it was introduced in 2020.
“Participating in the First Home Loan Deposit Scheme to support first home buyers was a priority to us,” Geoff said.
“As a local bank, helping local people in need like families and first home buyers is at the heart of what we do.”
Geoff welcomed the new property price caps of $800,000 in NSW regional centres like Newcastle and Lake Macquarie, and $600,000 in regional NSW including Maitland, Dungog, and other parts of the Hunter Region.
“The Hunter Region’s home loan market has been incredibly challenging for first home buyers and single parent families over the last 12 months,” he said.
“The new property price caps are more realistic with today’s house prices, making home ownership more achievable for these groups.”
To find out how to navigate the government programs available to secure a home of your own, including more information on eligibility requirements, contact our Member Services Team today on 1300 688 825.
Eligibility criteria, terms and conditions apply to the Family Home Guarantee and First Home Loan Deposit Scheme New Homes Guarantee. Eligibility criteria, terms, conditions, fees, and charges apply to all loans and are available on application. Issued by Maitland Mutual Limited trading as The Mutual Bank (ABN 94 087 651 983, AFSL/Australian credit licence 238139).