With the start of July came additional places for the three Australian Government schemes that help eligible buyers purchase a home sooner. Previous iterations of the scheme/s have been very popular and places been allocated to applicants quickly by the participating lenders, leading to a lot of buyers missing out.
There will be 10,000 places for each scheme and they are (along with a brief description) as follows;
- First Home Loan Deposit Scheme (FHLDS) – supports first home buyers buying existing properties
- New Home Guarantee (NHG) – supports building or buying a new home
- Family Home Guarantees (FHG) – aims to support eligible single parents with at least one dependant child in purchasing a family home with as little as 2% deposit.
There are, of course, criteria that governs eligibility for applicants and income thresholds that need to be satisfied so it is recommended to contact us to discuss further. For the ACT the property price thresholds are that the buyers purchase below $500,000 for the FHLDS and FHG or $600,000 for the NHG.
At this stage the participating lenders are using wait-lists and will allocate places on first-come-first-serve basis. With Off The Plan purchases being popular for first home buyers we see being issued a guaranteed place as being quite difficult as most buyers are unsure when exactly their property will be complete.
Further details on the scheme can be found here. If you are a first home buyer or single parent looking to purchase a home this year – please contact us to discuss and help you through process!
Rowan Woodward | Accredited Mortgage Broker