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A new way to avoid LMI (Lender’s Mortgage Insurance) as a first home buyer

The Federal Government have now established the First Home Loan Deposit Scheme for this financial year.

It’s been recognised that one of the roadblocks for first home buyers is the time it takes to save for a 20% deposit required by most lenders.

Other lenders will accept 5% deposit, but only if you accept LMI (Lender’s Mortgage Insurance) on top of your loan. Over the lifetime of a mortgage, LMI can cost first home buyers thousands.

This presents a challenge as first home buyers may want to secure homes at current prices, but may instead have to save for longer to avoid LMI.

The First Home Loan Deposit Scheme is working to eradicate this challenge for first home buyers by guaranteeing up to 15% of a deposit if you have already saved 5%. This may be available to eligible purchasers on home & land up to $600,000 in Harriott. Harriott has a range of home & land packages under $600,000 making the community a great option to take advantage of this scheme.

You will still need to borrow and pay back 95% of the property’s value, the scheme just enables borrowers to do this without having LMI placed on top.

What’s next?

  • There are criteria for applicants, including:
    • As a single first home buyer, you must earn under $125,000 p.a
    • As a couple, you must earn under $200,000 p.a and both be first home buyers
    • You can’t apply if you have an investment property
  • The scheme will be limited to 10,000 borrowers nationwide in 2020.
  • Enquire on Harriott to find out more on which packages would suit you for this scheme

For more details, visit:

Jinding Developments does not guarantee the accuracy of the information in this article and advise all purchasers to always conduct their own due diligence when purchasing property.

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