First timers will be excited to see a spending spree to help them get a foot on the property ladder.
So how much help can you get and what conditions apply? Let’s take a look at the details.
Family Home Guarantee
Who’s it for? Single parents seeking to buy their first home should check this out. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000.
What is it? This is a new program which aims to help eligible single parents with dependents build a new home or buy an existing home with a deposit of just 2 per cent. The government goes guarantor so you don’t need to pay pricey lenders’ mortgage insurance.
When does it start? The guarantees will start from 1 July 2021.
More info: Check out the National Housing Finance and Investment Corporation (NHFIC) website.
First Home Super Saver Scheme
Who’s it for? First home buyers trying to save a deposit sooner.
What is it? The government will increase the voluntary contributions that can be released under the existing First Home Super Saver Scheme from $30,000 to $50,000.
When does it start? 1 July 2021.
How to get more info: Check out this fact sheet.
New Home Guarantee
Who’s it for? First home buyers wanting to buy or build a new home sooner.
What it is? Eligible first home buyers can get a government guarantee to buy a new home with a deposit as little as 5 per cent.
When does it start? The government has announced it will release an additional 10,000 places from 1 July 2021.
How to get more info: Check out the NHFIC FHLDS (New Homes) web page.
The government also announced it would extend the construction commencement period for existing applicants under the HomeBuilder program. This offers grants to those building or renovating.
Think the government spending spree will help you into a home sooner? Check out our listings for sale.