First Home Loan Deposit Scheme

We’re here to support you.

MyChoice Home Loans has exclusive access to the First Home Loan Deposit Scheme through Mortgageport who were one of the first lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to provide these loans.

Our specialist team is determined to help first homeowners turn their home building dreams into a reality, through providing great rates to support the numerous government grants available.

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Exclusive for eligible MJH Group customers

Fixed Rate

1.99% pa+

12 months during construction

Comparison rate

3.02% pa*

Fixed Rate

1.99% pa+

12 months during construction

Comparison rate

3.02% pa+

Important Notice:

+ Finance to approved applicants only. Interest rates are correct as at 3 December 2020 but are subject to change. The loan reverts to a Standard Loan Interest Rate once construction completes. Construction must commence within 6 months of the loan settling and must be completed within a further 12 months. Rate based on 90% LVR, owner-occupied property, on a Standard Variable Rate Loan, with Principal & Interest repayments commencing on the approved loan amount one month after loan settlement.

*3.02% per annum comparison rate is based on a variable rate secured loan of $150,000 over a 25 year term.

Warning:

This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. For example, costs such as redraw fees, lenders mortgage insurance, early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Credit criteria, fees, charges and terms and conditions apply.

MyChoice Home Loans Pty Limited is 50% owned by the MJH Group and as a result of introducing borrowers, may receive a financial benefit as a result of its ownership in MyChoice Home Loans. MyChoice Home Loans Pty Limited ACN 610 250 578 is an authorised Credit Representative (Number 485273) of Mortgageport Management Pty Ltd ACN 082 753 679 Australian Credit Licence 386360.

Understanding the First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a new initiative of the Australian Government to help first home buyers purchase a home sooner.

It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent.

The Scheme will support up to 10,000 loans each financial year, and commenced on 1 January 2020.

How does the First Home Owner Deposit Scheme Work?

The scheme is designed to reduce the cost of financing your first home by removing the need to save a 20% deposit or pay for lender’s mortgage insurance.

Instead the Australian Government supports first home owners by providing a limited guarantee of up to 15% of the property’s value. Click below to download a fact sheet about this scheme.

Download the Fact Sheet

MyChoice Home Loans can lodge your application to the First Home Loan Deposit Scheme from 1 February 2020.

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Who is Eligible for the First Home Loan Deposit Scheme?

The main Eligibility requirements are:

  • You must be an Australian citizen and so must your spouse/partner
  • It’s only available to first home buyers
  • Your taxable income in the last financial year, must be no more than $125,000 or no more than $200,000 if you are applying with a spouse/partner
  • You must live in the property after you’ve purchased it
  • The maximum property purchase price must be below the threshold limit set by the NHFIC
  • Plus don’t forget, you are only eligible to receive the Government Guarantee once
Check Your Eligibility

Property price thresholds

As this scheme is designed to help people get started, the threshold is in place to allow you to purchase land and build a comfortable home, choose a House and Land package or an established property, within defined property price thresholds (maximum property purchase price under the Scheme).

This threshold will apply in capital cities, large regional centres along with regional areas, and as this amount varies, we recommend using the NHFICs property price threshold search tool to learn more about your preferred locations price threshold.

NHFICs property price threshold search tool

The First Home Loan Deposit Scheme will help people buy or build their first home sooner. Get started today!

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First Home Loan Deposit Scheme

Interest Rates

  • 2.99% p.a variable rate
  • 1.99% p.a. 1 year fixed rate
  • 2.99% p.a 2 year fixed rate
  • 3.19% p.a 3 year fixed rate
  • 3.29% p.a 4 year fixed rate
  • 3.39% p.a 5 year fixed rate

Loan Fees

  • Application Fee $330.00 (includes the cost of one property valuation)
  • Lender’s Legal Fee $330.00
  • Loan Settlement Fee $100.00
  • Discharge Fee $495.00
  • Construction fees – $100 per progress payment plus $220 valuers fees to cover 2 standard progress inspections.
  • Ongoing Account Fees – Nil

Loan Features

  • Loan term of up to 30 years
  • Principal and Interest repayments (interest only available for up to 12 months during the construction of a new home)
  • Available for owner occupied purposes only
  • Weekly, fortnightly or monthly repayments
  • Re-draw available if you are ahead of your scheduled repayments
  • Unlimited additional repayments during a variable rate and up to $20,000 per annum while on a fixed interest rate
  • Split loans available (additional fees apply)
  • Minimum loan size is $50,000
  • Maximum loan size depends on property location, but no more than $665,000

Register for our next first home buyer workshop

Our next first home buyer workshop is on

10th June

The My Choice Design Studio - Norwest