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 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.