From today, 30,000 new places are available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee.
The Family Home Guarantee was announced in the 2021-2022 Federal Budget to support eligible single parents with at least one dependent child. 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to buy a new or existing home with a deposit of as little as 2 per cent.
The New Home Guarantee, announced in October 2020, is specifically for eligible first home buyers building or buying a new home with a deposit of as little as 5 per cent. It has been extended under the 2021-2022 Federal Budget with 10,000 new places available from 1 July 2021 to 30 June 2022.
10,000 additional places have also been released under the First Home Loan Deposit Scheme for the 2021-2022 financial year. The Scheme supports eligible first home buyers purchase an established home or a new home sooner with a deposit of as little as 5 per cent.
New property price caps will apply from today for the First Home Loan Deposit Scheme. These property price caps also apply to the Family Home Guarantee.
Applications for the three Schemes can be made through participating lenders or mortgage providers.
Information about the Schemes, price caps, eligibility requirements and how to apply can be found in the new section of our website: Support to buy a home.