06 Apr New Home Ownership Schemes: What They Mean For You
First-home buyers, single parents and regional Australians will be able to get into the property market sooner with the government expanding a scheme that enables them to purchase with a smaller deposit.
Not many first home buyers know about these new schemes so we are listing the major announced first home owners grants and schemes as of 2022.
The First Home Guarantee
Previously known as the First Home Loan Deposit Scheme, this scheme allows first-home buyers with deposits as low as 5% to qualify for a home loan without paying Lenders Mortgage Insurance (LMI) fees.
The scheme will now have 35,000 places each financial year, beginning from 1 July 2022.
Family Home Guarantee
Under the scheme, single parents can buy a home with just a 2% deposit without paying Lenders Mortgage Insurance.
The Family Home Guarantee is available through financial year 2025.
This scheme originally offered 10,000 total places spread across four years. The government has now added 5000 new places each year, from 1 July 2022 to 30 June 2025.
Regional Home Guarantee
The new Regional Home Guarantee will allow borrowers to buy or build a home in select regional areas with a deposit as small as 5%, without paying Lenders Mortgage Insurance.
The scheme will include 10,000 places each year, from 1 October 2022.
The Regional Home Guarantee is open to first-home buyers and anyone who has not owned property in the last five years. Permanent residents are eligible. If the legislation passes, the scheme will be available from 1 October 2022 to 30 June 2025.
First Home Super Saver Scheme
The First Home Super Saver Scheme allows first-home buyers to save a deposit for their first home inside their super account, to take advantage of the concessional tax treatment.
Under the scheme, the government has increased the total amount of savings borrowers can release from super to make a deposit on a home from $30,000 to $50,000.
Which Schemes Are You Eligible For?
I may be able to help you find out which schemes are available to you. We want to make sure that you’re eligible for the government scheme/grant you’re applying for. Each program has a slightly different eligibility requirement so you want to check off all the boxes prior to submitting your application.
Let me help you find the most competitive and most efficient home loan for your situation.
Call 0408 081 082 today!
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This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.