All up 30,000 places have been released across three schemes which lower the deposit hurdle. In other words, you can buy a home with a smaller deposit and avoid lenders’ mortgage insurance.
The help is for first home buyers and also single parents with dependent kids – regardless of whether you’ve owned a home before or not.
Check out the websites for more details and to see if you’re eligible to speed up your home buying journey.
- A further 10,000 places have been released in the highly popular First Home Loan Deposit Scheme (FHLDS) from 1 July. This allows eligible first home buyers to secure a loan with as little as 5 per cent deposit without needing to pay lenders’ mortgage insurance.
- The government has also released an additional 10,000 places under the New Home Guarantee from 1 July. Similar to the FHLDS, eligible first home buyers can buy their home sooner with as little as a 5 per cent deposit. But this scheme is specifically for:
- newly constructed dwellings
- off-the-plan dwellings
- house and land packages
- land and a separate contract to build a new home.
- There’s also help at hand for eligible single parents with at least one dependent child to buy a family home – regardless of whether it’s your first home or not. The Family Home Guarantee gets you into a home with as little as a 2 per cent deposit without paying lenders mortgage insurance.