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Anuj

Anuj

Real Estate Consultant,

The Morrison Government has extended the First Home Loan Deposit Scheme

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One month in and the First Home Loan Deposit Scheme has already attracted more than 5500 keen first-time buyers – and the race is on for purchasers hoping to be approved before the 10,000 coveted places are snapped up.
Although the Federal government’s scheme has attracted both positive and negative attention from inside and outside the property industry, when it comes to those first-home buyers who’ve signed up, the good news is in.

Apply now, buy later
Despite the fact that more than half of the FHLDS spots have already been allocated through major banks (mostly the Commonwealth Bank and National Australia Bank), and hundreds of applications and inquiries are being made each week, there is still time for first-home buyers to apply according to Glen Spratt, managing director of non-bank lender Mortgageport.
“There are still spots available with the smaller panel of 25 lenders,” he said.
“And that’s really what the scheme was supposed to be all about – creating more competition in the lending space,” he explained.
Mr Spratt said the key message to first-home buyers seeking access to the scheme right now is to not just focus on the big banks, but consider talking to one of the other 25 lenders working with the FHLDS.


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