First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme, also known as the First Home Guarantee, allows first home buyers to purchase a new or existing home with a deposit of just 5%, with the government guaranteeing the loans so buyers can avoid Lenders Mortgage Insurance (LMI). 

The government will make available 35,000 guarantees each year, up from the current 10,000, from 1 July 2022 under the First Home Loan Deposit Scheme, to help first home buyers purchase a new or existing home sooner. To be eligible for this scheme, you need to:

• apply as an individual or couple (married/de facto)
• be an Australian citizen(s) at the time you enter the loan
• be at least 18 years of age
• earn up to $125,000 for individuals or $200,000 for couples
• intend to be owner-occupiers of the purchased property
• be first home buyers who have not previously owned or had an interest in, a property in Australia

For more information on the full list of criteria or any questions about the First Home Loan Deposit Scheme, please refer here.

The First Home Loan Deposit Scheme allows individuals and families who previously never owned property to be able to purchase their home sooner as they are only required to pay a 5% deposit without needing to take out LMI. 

The 40-storey West Village tower in the heart of Parramatta, with its expansive panoramic views of Harbour Bridge and the Blue Mountains, features sophistically designed 1 to 3-bedroom apartments. West Village also offers a beautifully manicured courtyard and roof gardens, giving you a private sanctuary in the city centre, all minutes away from the city’s top restaurants and retail and transport hub.

By making use of government assistance grants and schemes, you can make your dreams of homeownership a reality and take advantage of the resources available to you. If you are a first home buyer looking for a combination of modernity, sophistication, privacy, and access to all social and retail delights, then West Village is the choice for you. Contact us today to find out how you can own your dream home with West Village.