What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme (FHLDS) is a new government measure designed to help people enter the property market for the first time.
Usually, Australian home buyers have to either save up a deposit of at least 20% of their property’s value, or take out Lender’s Mortgage Insurance
– which can often cost thousands of dollars. Under this new scheme, the Australian Government will guarantee 10,000 low-deposit loans a year, from 1 January 2020,
for eligible low- and middle-income earners who have saved up a deposit of as little as 5% of a property’s value.

The First Home Loan Deposit Scheme & Lender’s Mortgage Insurance: How it works