In line with budget announcements made recently, the Federal Government has stated that it will extend the First Home Loan Deposit Scheme.
The Loan Deposit Scheme, which was due to end in June, will allow 10,000 more first home buyer loan guarantees up to a certain threshold, on the condition that those who get approved are purchasing new builds.
The scheme will guarantee the loans of people who buy their first home on small deposits, eliminating the lender's mortgage insurance. In Victoria, the price cap for this scheme will also be increased and houses up to $850,000 will now be covered.
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