First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

Apply for the First Home Loan Deposit Scheme with Universal Finance Corporation, your partner in successfully navigating the property market

As a first-home buyer, several grants and initiatives are available to assist you along your journey toward property ownership. However, understanding your eligibility and the application process can be challenging. That’s where the experienced and committed team at Universal Finance Corporation come in. 


One of the areas we specialise in is assisting first-home buyers in their application for the First Home Loan Deposit Scheme. Learn more about the First Home Loan Deposit Scheme and contact Universal Finance Corporation today. 



What is the First Home Loan Deposit Scheme, and am I eligible?

One of the biggest financial hurdles for first-home buyers is forking out the initial 20% deposit — the First Home Loan Deposit Scheme eliminates this entirely. 


Also known as the First Home Guarantee, the First Home Loan Deposit Scheme allows eligible first-time buyers to purchase a home with as little as a 5% deposit without paying Lender's Mortgage Insurance (LMI). The Australian Government covers up to 15% of the purchase price, facilitating easier and faster access to property ownership.


With limited spaces available, there are a few stringent criteria that must be met, such as: 


  • Applicants must be an Australian citizen or Permanent Resident
  • Over the age of 18
  • You intend to live in the property as owner-occupiers 
  • Earn up to $125,000 annually for singles and $200,000 for couples
  • Never have owned property in Australia in the last ten years



How Universal Finance Corporation can help

At Universal Finance Corporation, we offer expert guidance throughout the application process for the First Home Loan Deposit Scheme. Our services include:


  • Assessing your eligibility and helping you understand all necessary requirements
  • Assisting with the compilation of required documents and application forms
  • Providing financial advice and mortgage options that complement the scheme, ensuring you choose the best loan to meet your long-term homeownership goals



Get started by contacting Universal Finance Corporation today 

Embarking on your homeownership journey is a significant step, and Universal Finance Corporation is here to ensure that it’s a smooth and successful one. Schedule a consultation with us today to discuss your eligibility for the First Home Loan Deposit Scheme. 



FAQs

  • What is the First Home Loan Deposit Scheme?

    The First Home Loan Deposit Scheme, also known as the First Home Guarantee, is an initiative by the Australian Government to help eligible first home buyers purchase a home sooner without saving for the intimidating 20% deposit.


    Managed by Housing Australia, the First Home Buyers Loan Deposit Scheme allows first-time buyers to purchase a home with as little as a 5% deposit without needing to pay Lender’s Mortgage Insurance (LMI), a premium typically paid by borrowers with a deposit below 20%. The scheme guarantees up to 15% of the property's value, with 35,000 places currently available for the 2023-24 fiscal year. 

  • Who is eligible for the First Home Loan Deposit Scheme?

    Eligibility for the First Home Loan Deposit Scheme first and foremost asks that applicants be first home buyers, meaning an individual or a secondary party they are purchasing with does not own any property in Australia. A single applicant must also earn no more than $125,000 per year, and couples must have a combined income of less than $200,000. The property price threshold also varies by location, ensuring the purchased home falls within specific regional price caps.

  • How does the First Home Loan Deposit Scheme work?

    The First Home Loan Deposit Scheme assists first-time home buyers purchase a house with just a 5% deposit. The Australian Government guarantees up to 15% of the purchase price, allowing buyers to avoid paying Lender’s Mortgage Insurance (LMI), making homeownership more accessible without needing a 20% deposit or other major costs. 

  • What are the benefits of the First Home Loan Deposit Scheme?

    One of the biggest benefits of the First Home Loan Deposit Scheme is that it reduces the required initial deposit to as low as 5% of the purchase price, waives the financial burden for Lender's Mortgage Insurance and helps first-time buyers access the property market sooner. This financial support makes purchasing a home more accessible financially, especially for those struggling to save the standard 20% deposit.

  • How can Universal Finance Corporation help with applying for the First Home Loan Deposit Scheme?

    As the First Home Loan Deposit Scheme features several eligibility criteria and restrictions, knowing where you stand as a first home buyer can be difficult. Universal Finance Corporation simplifies your First Home Loan Deposit Scheme application by guiding eligibility requirements and application procedures. We’ll compile the necessary documents and liaise with relevant lenders to finalise your application.
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