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 | $500,000 | N/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.
