FHLDS Question

Any broker worth their salt knows that time is of the essence with these applications, if you just inquire via a bank/branch then good luck to ya

 

Absolutely most brokers on PC are diffrent breed and actually know what they are doing, unfortunately most in house brokers arnt great.

 

This was an email I got from Gateway Building society yesterday who are one of the smaller lenders participating. Note they say the position is transferable between lenders.....



Don’t miss out on sending through your First Home Loan Deposit Scheme (FHLDS) applications before the launch on Saturday 1 February. For more detail about the FHLDS, please see here.

Our team will be working to reserve FHLDS places on 1 February. We will be prioritising those deals with applications already submitted, so the sooner the application is received the greater the chance of getting a place in the Scheme.

Key things to know:

• Before submitting an application, make sure your client is eligible for the Scheme. We would suggest checking their eligibility here and their property’s eligibility here.
• Submit your loan as per the regular process through Apply Online, noting the FHLDS broker checklist. Then submit a request to reserve a place in the Scheme through our FHLDS Form. Please include all supporting documents with the application.
• Gateway’s Serviceability Calculator will now allow you to select if the Scheme applies by selecting ‘FHLDS’ in the guarantee field (top right of the spreadsheet). If the NSR is close to servicing, please contact myself or Arun to see if any consideration can be made for the client.
• Gateway Bank will only be accepting applications for established properties initially; construction loans will not be accepted.
• Ensure you select the relevant <80% product when you Apply Online.
• Ensure the details submitted for the customer on our portal are accurate (including their full legal name), or the Scheme place may not be reserved. Gateway will be contacting these customers directly via email to confirm details are correct.

What if a client has already applied with NAB or CBA?

If your clients have been pre-approved with NAB or CBA already, we can use the same Scheme place to offer a loan through Gateway Bank.

Be aware that the Scheme deadlines are based on the initial application – if a client has been pre-approved on 10 January by CBA, they will need to find a property by 9 April (90 days later), even if they applied with Gateway during February.

For more information and updates regarding FHLDS, please visit our Broker Portal.

We are here to help with any questions you may have. If you are interested in learning more about these offers, or if you have a scenario that you would like to discuss, feel free to give me a call directly on 02 9307 4304.

Kind regards,
Daryl

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So with Gateway it sounds like you need to submit an application prior to requesting a reservation??
The process differs from lender to lender.

 

The May Budget is expected to include a fresh round for July+. No word on if its also just 10,000 loans. Likely wont hear anything until budget night or leaks a few days earlier

 

They have announced there will be another 10,000 at this point in July (no word on if more yet)

First Home Loan Deposit Scheme | NHFIC

 

Yep. Its a circus.

There is simple online form to reserve a place so I reckon you could do that first and while they respond you get the app in.

 

Just adding some information, for the state of QLD this scheme has a max purchase price limit of $475K - and for regional areas the purchase price cut off is $400K

 

Quick question regarding the limits. In Perth metro we’re limited to $400k purchase price. Is that $400k inclusive of all fees and adjustments come settlement day, or the max value of the house prior to taxes and rates adjustments etc?

- I’m thinking if i potentially offered $400k on a property, but the total amount at settlement is more, I’d have blown my eligibility in the scheme, which could be a very expensive mistake if i then have to take out a loan with LMI.

 

Back in November there was litterally no information available about the FHLDS. Not much in December until the last minute. Even January was quite a dogs breakfast with only two lenders offering it and oversubscribed in a few days.

At this point the second tier lenders have come on board and the process is matured somewhat. Most people are still going to the majors but there are quite a few allocations available via the second tier lenders. There's also better rates and products available.

Shopping multiple lenders trying to get an allocation isn't a good idea. First it will destroy your credit file if you're not careful, secondly it will create administrative problems later on. It's also not necessary if you're using a broker who has a few options and knows where to look.

 

Based on purchase price of $400K

 

Their is a new round starting July 1 from my understanding.