Youve likely heard about the very first mortgage loan Deposit Scheme, at the least loosely as one thing Scott Morrison introduced to assist very first house purchasers. What exactly is it precisely and exactly how does it work?
In Australia, you need to purchase Lenders Mortgage Insurance or LMI, to get a home loan if you have less than a 20% deposit saved up. Underneath the First mortgage Deposit Scheme, you can avoid paying Lenders Mortgage Insurance (LMI), as the Federal Government will provide a guarantee to the bank for the remaining deposit requirement of the home loan if you are a first home buyer with at least a 5% deposit. Continue reading “What’s the Very Very First Mortgage Loan Deposit Scheme?”