First Home Buyers – DID YOU KNOW?!

First home buyers, you could own your own piece of luxury/custom built on 5% deposit

As of July 1st 2020, the Federal Government has opened up 10,000 more spots for first home buyers looking to crack the Australian property market with a minimal deposit. Known as the First Home Buyer Deposit Scheme, the benefit allows first-time buyers to put down just 5 percent deposit for a property with the government acting as guarantor for an additional 15 percent, so that the usual Lenders Mortgage Insurance is not required – Big savings! As of January 1 this year 10,000 applications – for couples and singles alike – were made available, with a second 10,000 made available July 1 2020, for the 20/21 financial year. It’s a promising initiative for those looking to buy or build, but industry research has found that as many as eight-in-ten first home buyers don’t understand what the scheme is or if they are eligible to take advantage of it.



First Home Loan Deposit Scheme Price Caps:

In order to access one of the 10,000 First Home Loan Deposit Scheme applications, the property you are purchasing/building must fall below a certain threshold.These are:

State/territory:Capital City/Regional Centre:Rest of State:
NSW$700,000$450,000
Vic$600,000$375,000
Qld$475,000$400,000
ACT$500,000N/A

There are a few other grants to be taken advantage of. This includes the new Home Builder Scheme and the First Home Owners grant.

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