Home Mortgage News NHFIC rolls out online tool for first home loan scheme

NHFIC rolls out online tool for first home loan scheme

Published on 13 Nov, 2019

The online tool aims to help buyers determine property price threshold for certain suburbs

The online tool aims to help buyers determine property price threshold for certain suburbs

The National Housing Finance and Investment Corporation has launched an online tool to assist prospective applicants of the First Home Loan Deposit Scheme.

The online tool will help first-home buyers determine the anticipated property price threshold for the suburb in which they are looking to purchase a property.

To use the tool, first-home buyers need to enter the postcode or the suburb of the property in the box shown below:

The online tool will help first-home buyers determine the anticipated property price threshold.

The NHFIC recently released a price-threshold schedule for each state.

"To ensure the Scheme is only available for the purchase of a modest home, or the purchase of land and construction of a modest home, it is anticipated that the following property price thresholds will apply in capital cities, large regional centres and regional areas," NHFIC said.

Below are the price caps set for each state:

First Home Loan Deposit Scheme Price Caps
	NSW	VIC	QLD	WA	SA	TAS	ACT	NT
City or Large Regional Centre	$700k	$600k	$475k	$400k	$400k	$400k	$500k	$375k
Other Areas	$450k	$375k	$400k	$300k	$250k	$300k	$500k	$375k

The NHFIC is currently developing other eligibility tools that can help interested first-home buyers determine the requirements for the scheme.

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