Second round of first home buyer scheme kicks off

by Madison Utley01 Jul 2020

From today, 1 July, 10,000 new places under the government’s First Home Loan Deposit Scheme (FHLDS) will become available for the 2020-21 financial year, with the same 27 lenders participating as in the first round.

“To date, we’ve seen widespread appeal of the scheme across all states and territories, including regional and metro areas,” said National Housing Finance and Investment Corporation CEO Nathan Dal Bon said.

“Notwithstanding the current challenges posed by COVID-19, we anticipate that there will be continued demand for these new 10,000 places.”

Applications from 1 July will require a 2019-20 Notice of Assessment from the ATO to demonstrate that their taxable income is no more than $125,000 for individuals and $200,000 for couples.

Teachers Mutual Bank Limited has welcomed the second release of scheme placements. 

“We are really proud to be working with the NHFIC again to implement the FHLDS,” said Mark Middleton, Teachers Mutual head of third party distribution.  

“Buying your first home is a significant life milestone and the scheme has helped a diverse range of our members to realise their home ownership dreams. Younger first home buyers in their 20s – 30s have accessed the Scheme, as well as members in their late 40s – 50s purchasing their first property.

“We are excited to help more of our members on their journey to home ownership, and we would like to remind future applicants to review the eligibility, price thresholds and NHFIC requirements to ensure the scheme is right for them.”

The non-major has confirmed the scheme will be available under all Teachers Mutual Bank Limited home loan offerings, including the P&I owner occupier home loan on offer at 2.19% fixed for one, two and three year terms.