FIRST HOME LOAN DEPOSIT SCHEME EXTENSION
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers in purchasing their first home. During the Federal Budget Release on October 6, Treasurer Josh Frydenberg announced that the scheme, which has so far this year aided 20,000 first home buyers, has been extended by another 10,000 spots.
Australians will be able to build or purchase a newly built home with a deposit of as little as 5 percent. The extension has also come with increase in the Property Price Caps that were previously in effect, allowing applicants to purchase and build homes up to $950,000, in Sydney, $850,000, in Melbourne, $650,000, in Brisbane, and $550,000, in Perth.
Treasurer Josh Frydenberg said that it is essential to conserve the residential construction industry as it plays a big part in boosting the Australian economy as it recovers from the coronavirus pandemic.
“Helping another 10,000 first home buyers to buy a new home through our First Home Loan Deposit Scheme will help to support all our tradies,” Frydenberg said.
In states where the virus is seen to come under control and movement increases, record-low lending rates and greater levels of federal government and state grants are set to push demand for housing credit. Capital chief economist of AMP, Shane Oliver, suggests that there is risk in increased debt, higher than otherwise prices and potential oversupply in the face of limited immigration.
The decision to extend the scheme comes after the National Housing Finance and Investment Commission predicted housing demand could fall by up to 230,000 dwellings over the next three years, due to border restrictions.
The extension will available until 30 June 2021, but if you are thinking about purchasing your first home, please reach out to one of our team members, as the extension is set to exhaust quickly.
HOW CAN WE HELP YOU?
There has been considerable interest in this Scheme and it will be important to get in early as the extended allocations are limited to just 10,000.
The Specialist at Brisbane Home Loans can review your financial position and advise you if qualify allowing you to purchase a property with just 5% deposit and avoid paying thousands in lender morgage insurance
If you are ready to go, we will assist you to prepare an application ready to be lodged once the applications for the Federal Grant are ready. We will also assist guide you with details of the State Grant and National Grants that collectively can provide you with a $40,000 contribution to your dream home. Call Jordan or Dan on 3889 9250 to make an appointment.
Why Choose Brisbane Home Loans
You're In Good Hands
Brisbane Home Loans is all about good old fashioned personal service without exception.
We Find The Right Deal For You
We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.
We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.
One Stop Lending
We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans. You always only deal with on person for all your lending services.
How We Work With Our Clients
We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.
The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients. During this phase, we identify two to three options that may be suitable.
Our Lending Specialists will present to you a number of options available outlining the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.
Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.
We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned. During this review, the client is made aware of any new financing options in the market.
Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.
Being Our First Home It Was Great Having The Knowledge of Daniel & The team at Brisbane Home
We have been working with Daniel and the team at Brisbane Home Loans for the purchase of our first home, being first home buyers it has been great having the knowledge of Daniel & the team at Brisbane Home Loans to support us. We can’t thank them enough for their support and making themselves available to answer all of our questions. I’d highly recommend Brisbane Home Loans.
We Saved More Than 1% On Our Existing Home Loans
We didn’t realize how important it was to review our home load until we engaged with Daniel and Jordan at Brisbane Home Loans. They helped in submitting our application which resulted in a saving of over 1% in interest on our loans, plus a reduction in our on going bank fees. I would recommend this business and thank Daniel and Jordan for making the process so easy.
Sam and Nicky
It was Our First Home and We had No Idea. Thanks to The Team From Brisbane Home Loans
Daniel and the team at Brisbane Home Loans were super helpful and friendly to me as it was my first home loan and I had no idea! They answered all my questions and were very hardworking. Would definitely recommend to a friend.
They Made Buying Our First Home Easy and Fun. Thanks
The team at Brisbane Home loans have been super helpful and extremely professional to assist us with all our first home questions.
will be recommending them to everyone I know looking to buy!
Thanks for Helping me Turn my Dream into a Reality
Service was great, very informative and kept me up to date on all progress and all steps. Follow up after it was all done and dusted was also great. Took the stress out of it which was a great help for my busy life. I would totally recommend Dan and Jordan to anyone.
Thanks for helping me get my dream into a reality.
Car Loan Approved In Less Than 3 Hours – So Wrapped
I could not believe how quickly Jordan was able to organise my car loan. He was so helpfull and I am truly greatfull.