Government announces further support for home buyers July 1
From today, the Australian Government has released 30,000 new places under it's three home buying schemes; the First Home Loan Deposit Scheme (FHLDS), the New Home Guarantee and the Family Home Guarantee.
First home buyers across Australia now have the chance to try for one of the 10,000 places released today under the FHLDS. Those lucky enough to secure a place under the scheme may be eligible to buy with as little as a 5% deposit, avoiding mortgage insurance. From July 1, this scheme now applies to the purchase of an established property.
The second scheme, the New Home Guarantee, has also released 10.000 new places under the scheme from today for First Home Buyers who want to build or buy a new home, again with as little as a 5% deposit.
The final scheme, the Family Home Guarantee, will support eligible single parents to buy a new or existing home with as little as a 2% deposit. 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021.
Places under all 3 schemes will be hotly contested Australia wide. A number of lenders already have a waitlist from last financial year and with on 10,000 places available Australia-wide per scheme, it is imperative you act quickly. Speak to your broker straight away as time is of the essence.