First Home Deposit Scheme from 1 Feb

Discussion in 'Loans & Mortgage Brokers' started by Carol M, 19th Jan, 2020.

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  1. Carol M

    Carol M Well-Known Member

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    Newcastle NSW
    Hi
    List of lenders in scheme from 1 Feb is below. Are CBA & NAB still able to do it or all places gone?
    As many are small lenders, how many are actually on panel of average broker??
    I am helping daughter find a home and
    # need lender and maybe broker who does not charge a fee if loan is under $250,000.
    Credit history is fine, BUT part of 5% deposit is gifted. It will have been in her bank account for 3 months on 25th January.
    # so from long list below which lenders are kinder on serviceability (she has low income, just a clerk so special lenders like Police/Teachers credit union would not apply I guess. Her dad is military though).
    # which lenders will also accept gifted deposit or just 3 months in bank account
    # G & C Mutual bank, and Peoples Choice have very low rates, so any feedback on how good they are??
    Any help is greatly appreciated.
    I know there are many brokers here, but need one who won't charge a fee for such a small loan. (probably over $200k)
    These are the lenders from 1 Feb:
    • Australian Military Bank
    • Auswide Bank
    • Bank Australia
    • Bank First
    • Bank of us
    • Bendigo Bank
    • Beyond Bank Australia
    • Community First Credit Union
    • CUA
    • Defence Bank
    • Gateway Bank
    • G&C Mutual Bank
    • Indigenous Business Australia
    • Mortgageport
    • MyState Bank
    • People’s Choice Credit Union
    • Police Bank (including the Border Bank and Bank of Heritage Isle)
    • P&N Bank
    • QBANK
    • Queensland Country Credit Union
    • Regional Australia Bank
    • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank Ltd)
    • Teachers Mutual Bank Limited (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
    • The Mutual Bank
    • WAW Credit Union
    Here is list of their interest rates: Lowest rates from banks in the First Home Loan Deposit Scheme
     
    Last edited: 19th Jan, 2020
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  2. Richard Taylor

    Richard Taylor Well-Known Member

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    Whatever you decide i would be doing it quickly as most of the allocation will be taken up within the first couple of days in February.

    Cheers


    Richard
     
  3. JohnPropChat

    JohnPropChat Well-Known Member

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    Is there a per-state allocation or just monthly allocations?
     
  4. Richard Taylor

    Richard Taylor Well-Known Member

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    10000 initial allocation of which CBA & NAB had 5000 and were taking applications from 1st January 2020 and the remaining lenders have 5000 and are open from 1st February 2020.

    NAB and CBA have exhausted their allocation and would anticipate the balance will go in the first week of February.

    We have a dozen clients pre-approved but were lucky as we have another 20 or so ready to be lodged.
     
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  5. Curoch

    Curoch Active Member

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    FHDS website today it said NAB and CBA are exhausted, although there may be scope to switch to them if potential buyers don't come through (looking increasingly likely now with the virus) and a lot of the smaller lenders are still available.

    On top of that, the next tranche opens in July 2020 so you may be able to get into the big guys then. I don't recall whether they'll have the same number of allocations but first in best dressed!
    On reading the
     
  6. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    The real problem is the NAB & CBA were flooded with reservations and applications, but realistically less than 50% of those would have actually purchased a property. Now the 90% limit can be extended by another 3 months (due to the virus) so the scheme is all but shut down until July. Those who didn't apply in the first week of January are likely to miss out now, despite some genuine applicants that are actually purchasing property.

    In essence, putting a cap on this has actually meant less people actually get to access it (or was that the plan all along).
     
  7. Curoch

    Curoch Active Member

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    Sorry Peter, I'm confused by the 90% limit you're referring to - do you mean the 90 (settlement) limit? I saw on the FHDS website that people can get a 90 day pre-approval extension period if they haven't found a place yet, do you think that's going to push people further down the queue?

    I'm looking at taking it up in the coming months, and the July tranche is perfectly fine (gives me time to save a bit more and scrutinise houses) but I'm also wondering whether there's any knock-on effects from the first tranche.
     
  8. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    Sorry, typo on my part. It should be 90 days, not 90%.

    The 90 day extension offered amplifies everything wrong with the implementation of this scheme. They should have simply not put a cap on it.
     
  9. AdelaideLong87

    AdelaideLong87 New Member

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    With the purchase price limit increased from 06/10, my query is whether that applies for existing applications as I currently have a place on the scheme. Also whether that increased limit only applies to new builds or does it also apply to existing homes too for applicants who have already been approved. I live in Adelaide, at the moment I'm limited to properties 400k and under, with the limit how increased to 550k, I'm hopeful to take advantage of that to buy an existing home!
    But I'm doubtful that is the case, it will most likely be 400k for existing and 550k for new builds
     
  10. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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  11. Lindsay_W

    Lindsay_W Well-Known Member

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    New limits applies to new builds only