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First Home Loan Deposit Scheme

Are you a first home buyer? Or are you interested in purchasing your first home in NSW? Conveyancing services will be required for your purchase and Loop can represent you in the transaction. In 2020 the First Home Loan Deposit Scheme will be introduce and if you are purchasing a new home you may be eligible for this concession.

From our detailed review of contracts of sale for your potential purchase, to assisting with the exchange and ultimately performing the settlement in PEXA, our modern and digitally assisted approach to conveyancing will ensure that you are quite simply kept in the Loop.

First Home Loan Deposit Scheme (FHLDS)

What

The scheme will support middle-low income earners purchase a home with minimum 5% deposit. Purchase price thresholds will also impact eligibility.

Start Date

Expected to begin 01 January 2020, and is expected to support 10,000 loans annually.

Eligibility

Uto $125,000 per annum for singles and up to $200,000 per annum combined for couples. Caps will also apply for property prices, and these are based upon the state of purchase. In NSW the cap will be $700,000 in capital cities, and $450,000. For more information, other state limits see this table here.

Want to know more?

To learn more about Loop Law visit https://www.loop.law or call us on 1300 566 752

If you are selling a property or purchasing one, start your conveyance now with us here. Or download Loop from Apple’s App Store for your mobile phone, and take advantage of our real-time notifications.

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