If you’ve been dreaming of buying your first home, the latest Australian Federal Government incentives may be the help you need to make it a reality. As of the 1st of July, 2021, the government has introduced 30,000 new places for its First Home Loan Deposit Scheme, New Home Guarantee and Family Home Guarantee.
Some 10,000 additional places have been released under the First Home Loan Deposit Scheme for the 2021-2022 financial year. The scheme supports eligible first home buyers purchase an established home or a new home sooner with a deposit of as little as 5 per cent. The price cap for Sydney properties eligible for this scheme is now $800,000, up from last financial year’s cap of $700,000.
The Family Home Guarantee is a new grant announced in the 2021-2022 Federal Budget to support eligible single parents with at least one dependent child. There will be 10,000 Family Home Guarantees made available over four financial years from 1 July 2021 to buy a new or existing home with a deposit of as little as 2 per cent. The Sydney price cap for this grant is $800,000.
The New Home Guarantee, announced in October 2020, is specifically for eligible first home buyers building or buying a new home with a deposit of as little as 5 per cent. This scheme has been extended under the 2021-2022 Federal Budget with 10,000 new places available from 1 July 2021 to 30 June 2022. The price cap for the New Home Guarantee is $950,000.
Applications for the three schemes can be made through participating lenders or mortgage providers so speak to your bank to see if you are eligible and start to make your first home dream a reality.