Brighter Buying

These #2 government schemes could save you thousands on your home

by Kate Watt, Marketing Manager 9 July 2020

The Australian Government is keen to get Aussies into home ownership and into jobs.

That’s the motivation behind two very different schemes that could save you thousands on your home – whether you’re a first-time buyer, a renovator or home builder.

Let’s start with the simpler of the two: the First Home Loan Deposit Scheme.

This allows eligible first time buyers to purchase a home with as little as a 5 per cent deposit. The government essentially goes guarantor so you aren’t slugged with lenders mortgage insurance.

The government released 10,000 new places this month – so get your skates on if you want to snap up a spot!

So that brings us to the HomeBuilder scheme. This provides eligible owner occupiers with a $25,000 grant to build or substantially renovate a home. It’s intended to be a boost for construction industry jobs. You get the grant if you sign your building contract between 4 June 2020 and 31 December 2020 – provided you meet other eligibility criteria you can read about in this fact sheet.

So if you were already planning some renos or a home build, this could be a great way to shave $25,000 off your costs!

It was announced at the start of June but has been criticised for being slow to operationalise.

If the prize is free money, then perhaps this is a case of good things come to those who wait!

Weighing up your property options? Contact us for a chat.