What is it?
The First Home Loan Deposit Scheme (FHLDS) is a government initiative that both Liberal and Labour parties promised as part of the 2019 Federal Election. This is big news for potential first home buyers, with the new incentive aimed to increase the purchasing power of young Australians and encourage them to achieve their dream of home ownership. The FHLDS will help eligible first home buyers purchase a home with a deposit as little as 5%, guaranteeing any shortfall in the 20% deposit required by most lending institutions.