With new placements opening for the First Home Loan Deposit Scheme (FHLDS) on July 1, the Finance Brokers Association of Australia (FBAA) has urged brokers to contact potential borrowers now to take advantage of the limited numbers.

FBAA managing director Peter White AM said the new financial year presented an opportunity for brokers as 10,000 new placements will become available under the scheme, but borrowers would be assessed by the lender and will require a copy of the notice of assessment from the current 2019/20 year as evidence of their taxable income.

“The places that were available in January have gone, and due to the wider knowledge of the scheme, I’d expect the new 10,000 will be taken within a few months,” he said.

The FHLDS requires eligible borrowers to have a taxable income of no more than $125,000 for individual applicants and no more than $200,000 for couple applicants.

“This is the time to be working with borrowers to ensure they are ready to do their tax returns quickly, or they may miss out.”

According to Government figures, the broker channel represented 44 per cent of initial applications for the scheme, increasing to 50 per cent from February when the non-major lenders joined and NAB opened to brokers.

One broker who has helped many first home borrowers navigate the FHLDS process is Anita Marshall, managing director of Advanced Finance Solutions, who backed Mr White’s call.

“Mortgage brokers have a unique advantage because we are here to guide the clients through the process and help take the confusion out of buying their first home.

However she said brokers need to be proactive.

“I’ve found the scheme easy to use, but now my priority is making sure my clients are prepared so they can obtain a loan. It’s always a joy to work with first home buyers and share this monumental experience with them.”