First in best dressed: 10,000 first timers in line for home loan help

The scheme is an Australian Government initiative designed to support eligible first home buyers get on to the property ladder sooner.
It does this by providing a guarantee for buyers on low and middle incomes, meaning you can buy a home with as little as 5 per cent deposit and you won’t be slugged lenders’ mortgage insurance.
The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020, so if you’re planning to buy your first home in 2020 you should check if you’re eligible.
Income thresholds and property price caps apply. The best way to check your eligibility is by using the tools on the First Home Loan Deposit Scheme website.
If you meet the criteria and you’ve found your ideal first home, then you’ll need to get a loan through a participating lender.
Major bank lenders are taking applications from 1 January 2020. But 25 other banks will also be offering loans from 1 February 2020 so it pays to shop around for the best interest rate and loan to suit you. You can see the full list of lenders on the Scheme website.
If you’re looking to buy in Brisbane, the maximum value of your first home cannot exceed $475,000. Sound a little low? Well, the Scheme is intended to support the purchase of a “modest” home, so if you were hoping your first home would be a five-bedroom Queenslander in Ashgrove, think again.
If proximity to the city is important, we suggest you check out units. Clayfield for example remains surprisingly affordable as do inner city spots like Fortitude Valley where supply has swamped demand in recent years.
But if you want more house for your money, without compromising your commute, then check out some of the super affordable suburbs bordering Brisbane’s middle ring, we’re thinking Zillmere, Brendale and Bracken Ridge.
Need some help with your first home? Contact us for a chat.