Assistance for First Home Buyers

With housing affordability at crisis levels – for both renters and buyers, the Federal Government recently announced the extension of the New Home Guarantee, and the establishment of a new program called the Family Home Guarantee, to assist people to purchase their first home.

10,000 First Home Loan Deposit Scheme places are available for the 2021-22 financial year; and an additional 10,000 New Home Guarantee places will be available also throughout this period.  From July 1 2021 – 10,000 Family Home Guarantees will be made available over four financial years.

  • First Home Loan Deposit Scheme supports you to buy your first home sooner, with a deposit of as little as 5%.
  • New Home Guarantee supports you to build or buy a new home, with higher property price caps available in selected areas.
  • Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit of as little as 2%.

To find out more about the First Home Loan Deposit Scheme and the New Home Guarantee – click on link to fact sheet.

To find out more about the Family Home Guarantee – which supports eligible single parents, click on link.

Mortgage brokers and select major (and non-major) lenders can assist you to navigate your way through the necessary criteria and determine your eligibility.  With interest rates at record lows and rents at record highs in a tight rental market – it is imperative you explore your options, particularly in light of the above assistance schemes on offer for eligible first home buyers.

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