Youve likely heard about the very first mortgage Deposit Scheme, at the least loosely as one thing Scott Morrison introduced to simply help very first house purchasers. Just what exactly is it precisely and just how does it work?
In Australia, for those who have significantly less than a 20% deposit stored up, you will need to buy Lenders Mortgage Insurance or LMI, to obtain a mortgage. 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 First Mortgage Deposit Scheme?”