Preparing For Your First Home Loan Deposit Scheme Application

Wednesday 05 May 21

Preparing For Your First Home Loan Deposit Scheme Application

Preparing For Your First Home Loan Deposit Scheme Application

Right team- We've got just under two months till the fresh baked batch of FHLDS places drops on the kitchen counter. You can bet the Grace Loans kids are going to be the first ready to snatch those sweet morsels. Here's Beth's handy guide to getting your rubber duckies lined up and ready to go for our applications.

#1- Genuine Savings

Make sure you've got 5% of the purchase price in Genuine Savings, plus about $3K for incidentals. The bank will only be looking at the latest 3 months from application of bank statements to verify genuine savings. This means you saved it up yourself from employment income.. no gifts, no super withdrawals, no drug money. Keep it clean y'all.

Calculators out- $500,000 X 0.05 = $25,000 (5%) 

#2 - Living Expenses

I hope you've been sticking to your budgets! For your maximum loan, you need to keep your expenses to a minimum. Here's a rough spending guide if you've forgot the specific budget we discussed in our meetings... If you haven't had a meeting yet, book one in fam.

Single applicant- $1,500 per month

Couple- $2,500 per month

Couple+1Child- $3,000 per month

Couple+2Chidlets- $3,200 per month

Anything you have spare after living expenses goes to savings. The combination of your rent plus savings needs to equate to your future mortgage repayment.

Calculators out- A $500,000 mortgage is about $1,848 per month at 2%

#2 -Credit cards and other debts

Cancel those credit cards, Harvey Norman store cards, AfterPay's etc. If you can't cancel, reduce the limits to $1,000 or less for the maximum borrowing power. HECS debt? -Don't worry, just don't forget to declare it! Car loans? -Those are a problem, you'll need to have those paid out unless you're earning, like... Mayweather money. 

#3- Docs

First Home Loan Deposit Scheme applications need some really specific documents that aren't required for other mortgage loans such as;

  • 2019 NOA available from MyGov>ATO Note: This is different to your PAYG Payment Summary
  • Medicare Card
  • Citizenship docs or Australian Birth Certificate 
  • 3 months Bank Statements to prove genuine savings

#4- Timing

We're aiming to have our apps submitted by the last week of June, so make sure you book your appointment, or have me send out your loan applications to sign by late June. I'll be reserving places for all my existing clients who have expressed interest in the scheme, but I can't reserve you a spot unless you express your interest. my email is and the office line is 02 4905 0250. You can book meetings here

I'm super excited to get you all into your new homes this year, the timing has never been better with record low interest rates!

P.S. I also have an epic Chocolate Chip Cookie recipe, shoot me a line and I'll share it.


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Grace Loans and Bethany Massey are Authorised Credit Representatives of BLSSA Pty Ltd, Australian Credit Licence number 391237. Authorised Credit Representative nos. GL: 523940, Bethany: 513202. Content of site may not be fully up to date as lenders are constantly changing their loans and policies. Any advice provided on this website is of a general nature not taking into account your personal objectives and situation. Such matters are important to consider prior to taking any action. Please make an appointment to discuss your specific situation so that appropriate advice may be given with regard to suitable products using current information.