What are the new schemes to support Australians buying a home?
From early July 2021, 30,000 new places are available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee.
The First Home Loan Deposit Scheme (FHLDS): is an Australian Government initiative to support eligible first home buyers to buy or build your first home sooner. Usually, first home buyers with less than a 20 per cent deposit need to pay Lenders Mortgage Insurance (LMI). Under FHLDS, eligible first home buyers can purchase their first home (new and existing homes) with a deposit of as little as 5 %, without paying LMI.
The New Home Guarantee Scheme: is an Australian Government initiative to support eligible first home buyers to buy or build your first home sooner.
Usually, first home buyers with less than a 20 per cent deposit need to pay Lenders Mortgage Insurance (LMI). Under New Home Guarantee Scheme, eligible first home buyers can purchase their first home (new homes) with a deposit of as little as 5 %, without paying LMI.
The Family Home Guarantee Scheme: is an Australian Government initiative that aims to support eligible single parents with at least one dependent child in purchasing a family home.
Usually, first home buyers with less than a 20 per cent deposit need to pay Lenders Mortgage Insurance (LMI). Under the Family Home Guarantee, eligible single parents can build a new home or purchase an existing home with a deposit of as little as 2 %, without paying LMI, regardless of whether that single parent is a first home buyer or a previous home owner.
Eligible first home buyers looking to build or purchase a new home can apply for a loan to purchase an eligible property through a participating lender, up until 30 June 2022.
Information about the Schemes, price caps, eligibility requirements, and how to apply can be found on the following websites:
First Home Loan Deposit Scheme https://www.nhfic.gov.au/what-we-do/first-home-loan-deposit-scheme/
New Home Guarantee https://www.nhfic.gov.au/what-we-do/new-home-guarantee/
Family Home Guarantee https://www.nhfic.gov.au/what-we-do/family-home-guarantee/
Comparison table of the three schemes https://www.nhfic.gov.au/what-we-do/scheme-comparison-table/
If you are eligible for FHLDS or New Home Guarantee or Family Home Guarantee please contact SJ Mortgage Solutions, and we can help you to secure a place in this scheme and to purchase your first dream home.