The Australian Government has announced new increased property price caps for the First Home Loan Deposit Scheme (FHLDS) and the Family Home Guarantee, which apply from 1 July 2021.
If you are eligible, these schemes allow you to buy a home with as little as 2% deposit (for the Family Home Guarantee) or 5% deposit for the FHLDS. No Lenders Mortgage Insurance is payable as the Governement is the Guarantor. For more information click here
10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers for the 2021-22 financial year, while the New Home Guarantee has been extended with additional 10,000 places available from 1 July 2021 to 30 June 2022 for eligible first home buyers purchasing a new home.
The New Home Guarantee will now have a construction commencement timeframe of 12 months.
In the 2021-2022 Federal Budget, the Family Home Guarantee was announced to support single parents with dependants. 10,000 Family Home Guarantees will be made available over four financial years from July 1, subject to the passage of legislation.
These are the new increased price caps in each region:
Further information and scheme fact sheets are available on the NHFIC website or call Catherine on 0411 849 804 and she can walk you through your options.
Message from CAtherine
Occasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here.