We are incredibly fortunate in Australia to have access to so many home loan grants and schemes. But as positive as it is, it can also be overwhelming.
I’ve simplified the 4 main schemes and grants available, along with the eligibility and other factors to consider below for you.
But, as always, contact me for specific information and advice regarding your personal home loan application as there are so many variables at play.
I love working with first home buyers to make their property dreams come true, and with a little help, we can make your money go a whole lot further…
1. Help to Buy
Ideal for:
- Low to middle income earners
- Those with no previous property ownership
Income cap:
- Your maximum taxable annual income must not exceed $90k (single) or $120k (couple)
What you get:
- The government supports you by offering 40% of the cost of a new build or 30% for an existing property
Good to know:
- Min. 2% deposit required
- 10,000 places per year
- Commences 1 July 2022
2. Regional First Home Buyer Support
Ideal for:
- First home buyers already living in regional areas
Income cap:
- Your maximum taxable annual income must not exceed $125k (single) or $200k (couple)
What you get:
- A grant to help you to avoid paying LMI (Lender’s Mortgage Insurance)
Good to know:
- Min. 5% deposit required
- 10,000 places per year
- Commences 1 January 2023
3. First home guarantee (previously known as the First Home Loan Deposit Scheme)
Ideal for:
- First home buyers
Income cap:
- Your maximum taxable annual income must not exceed $125k (single) or $200k (couple)
What you get:
- A grant to help you to avoid paying LMI (Lender’s Mortgage Insurance)
Good to know:
- Min. 5% deposit required
- 35,000 places per year (extra 10,000 places added 1 July 2022)
- Commences January 2023
4. Family Home Guarantee
Ideal for:
- First home buyers who are single parents with at least one dependent child
Income cap:
- $125k
What you get:
- Financial support for single parents with at least one dependent child to purchase a home
- Ability to buy a home with just 2% deposit (and avoiding LMI (Lender’s Mortgage Insurance)
Good to know:
- Min. 2% deposit required
- 15,000 places from 1 July 2022 – 30 June 2025
Final points to note:
- Whichever grant you apply for you will need an up to date tax assessment and a Notice of Assessment from the Australian Taxation Office (ATO).
- You may be eligible to apply for multiple grants – ask me and I’ll walk you through them
Applying for these grants and schemes can be overwhelming and confusing but I’m here to help and with the potential to save thousands of dollars it’s absolutely worth exploring. I can’t wait to help you further click the link to book a free appointment!
