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Nationwide government schemes for first-home buyers From July 2022

By madhu on May 31, 2022
Four major national government schemes are now available for first-home buyers or will be available within calendar year 2022: Help to Buy Scheme The Family Home Guarantee ( the First Home Loan Deposit Scheme ) The Family Home Guarantee The Regional Home Guarantee The First Home Super Saver Scheme (Not available ) 60,000 Places From […]

Four major national government schemes are now available for first-home buyers or will be available within calendar year 2022:

  • Help to Buy Scheme
  • The Family Home Guarantee ( the First Home Loan Deposit Scheme )
  • The Family Home Guarantee
  • The Regional Home Guarantee
  • The First Home Super Saver Scheme (Not available )

60,000 Places From 1 July 2022

Beginning in financial year 2022-23, the government will provide a total of 50,000 places each year under the various schemes:

  • 35,000 total places a year under the First Home Guarantee; this is an increase from the 10,000 currently available
  • 5,000 additional places a year under the Family Home Guarantee, from 1 July 2022 to 30 June 2025
  • 10,000 places under the new Regional Home Guarantee from 1 October 2022 to 30 June 2023; this scheme would be open to first-home buyers and anyone who has not owned property within the last five years. The legislation has not passed yet.
  • 10,000 places under the Help to Buy Scheme from 1 July 2022

Help To Buy Scheme

The Help to Buy Scheme is a shared equity scheme wherein the government helps first-home buyers purchase a home by contributing up to 40% of the property price for a new home and up to 30% for an existing one.

The scheme is designed to help with the longstanding affordability crisis. There will be 10,000 places available for eligible Australians each year. It will be available from 1 July 2022.

First Home Guarantee

This scheme allows eligible first-home buyers to purchase a new or existing home with a deposit of just 5%, without paying tens of thousands of dollars in LendersMortgage Insurance LMI ) which banks charge when it’s a deposit less than 20%

The scheme will now have 35,000 places each financial year, beginning from 1 July 2022.

Tip: For your best chance to secure a place in the scheme, have your tax returns done as soon as possible. To apply, you’ll need your latest Notice of Assessment from the Australian Taxation Office (ATO).

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Family Home Guarantee

This is an initiative to help eligible single parents with dependants purchase a family home sooner.
Under the scheme, single parents can buy a home with just a 2% deposit without paying Lenders Mortgage Insurance.

The Family Home Guarantee is available through financial year 2025.

This scheme originally offered 10,000 total places spread across four years. The government has now added 5000 new places each year, from 1 July 2022 to 30 June 2025.

Regional Home Guarantee

The new Regional Home Guarantee will allow borrowers to buy or build a home in select regional areas with a deposit as small as 5%, without paying Lenders Mortgage Insurance. The scheme will include 10,000 places each year, from 1 October 2022.

The Regional Home Guarantee is open to first-home buyers and anyone who has not owned property in the last five years. Permanent residents are eligible.

If the legislation passes, the scheme will be available from 1 October 2022 to 30 June 2025.

Article written by madhu

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