You could buy your first home sooner than you think with a little extra help!
The government has released different schemes and grants to help you get there. Which scheme or grant is right for you?
First Home Loan Deposit Scheme (FHLDS)
You could take out a mortgage with as little as a 5% deposit to buy your first home, without paying lenders’ mortgage insurance.
To be eligible you must:
- Not owned a property in Australia before
- Be an eligible first-home buyers
- Be an Australian citizen, at least 18 years of age
- Meet income and property price threshold requirements (singles with income up to $125,000 and couples with income of up to $200,000)
- Have a deposit of at least 5%
- Must be owner-occupier, not a residential investor
Family Home Guarantee
If you are a single parent with a deposit as small as 2% you could buy a home, without paying lenders’ mortgage insurance.
To be eligible you must:
- Not currently own a home, but you may have owned property in Australia before
- Be a single parent with at least one dependent living with you
- Be an Australian citizen at least 18 years of age
- Meet income and property price threshold requirements (income up to $125,000)
- Have a deposit of a least 2%
- Must be an owner occupier
Shared Equity Scheme (due to commence in January 2023)
The NSW government will kick in 40 percent for a new property or 30 percent of an existing property, without paying lenders’ mortgage insurance.
To be eligible you must:
- Be a key worker such as a teacher, nurse, or police
- Older single parents over 50 with children under age 18 can apply
- Not currently own a home in Australia or overseas
- Meet income and property price threshold requirements (singles with max income of $90,000 and couples with income of up to $120,000 for couples).
- The property value cannot exceed $950,000 in Sydney and regional areas such as Central Coast, Illawarra, Lake Macquarie, Newcastle, and the North Coast of NSW. Other parts of NSW are capped at $600,000.
First Home Super Saver Scheme (FHSS)
You can use voluntary contributions from your superannuation to put towards your deposit to help you buy your first home sooner.
To be eligible you must:
- Not have owned a property in Australia before
- Be an Australian citizen at least 18 years of age
- Not previously had an amount released from superannuation under this scheme
- Meet all the eligibility criteria under this scheme
First Home Owner Grant
You could get access to a one-off grant for the purchase or build of a new home.
To be eligible you must:
- Not have owned a property in Australia before
- Be an Australian citizen or a permanent resident of at least 18 years of age
- Be an owner-occupier, not a residential investor
- Meet all the eligibility criteria under this scheme
Annual Property Tax instead of Stamp Duty
You could purchase a property up to $1.5m and have the option to pay annual property tax instead of transfer duty (formerly known as Stamp Duty).