Brighter Buying

Market Update: #30,000 More chances for home buyers to grab government help

by Issy Armstrong, Sales Associate 7 July 2021

The new financial year marks the start of a new round of places in Australian Government schemes designed to help you achieve home ownership sooner.

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:
  1. newly constructed dwellings
  2. off-the-plan dwellings
  3. house and land packages
  4. 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.

Ready to take a leap on to the property ladder?  Contact us for a chat or view our current listings for sale.