More incentives for first home buyers. The federal government recently announced new incentives by expanding their financial support to first home buyers and single parents. A new program has also been released for regional buyers.
The federal government is currently offering two major incentives. The First Home Loan Deposit Scheme and New Home Guarantee. Both stimulus packages currently support a combined 20,000 first home buyers per financial year. This will now be expanded to provide support to 35,000 per year from 1st July 2022. There are price caps for these programs, which differ from location to location. These caps will also be increased from a wide range of $50,000 to $250,000. Under these programs, eligible first home buyers can purchase properties with just a 5% deposit, without needing to pay lender’s mortgage insurance.
Other popular incentive has been the Family Home Guarantee. This has been supporting 10,000 single parents over four years, but it will now support 5,000 per year from 1st July 2022. This specific program allows single parents to buy properties with just a 2% deposit.
The new Regional Home Guarantee will commence from 1st October 2022. This will provide assistance to 10,000 people per financial year allowing people to buy a property in a regional area with just a 5% deposit. This program is available to first home buyers, people who haven’t owned a home for at least five years and also permanent residents.
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Before buying a property, we recommend seeking professional property advice. At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. We also do not charge fees to buyers! If you’d like to learn more, please feel free to contact us. We welcome the opportunity to help you make the best property decision.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
May 2022
