Sep 15, 2021  | Tags: finance broking, lending, mortgage

There are new Government schemes available to improve affordability for all Australians. The National Housing Finance and Investment Corporation is dedicated to improve housing outcomes and provides support to buy a home.

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme has been designed to help eligible first home buyers get into the property market sooner.

To find out if you are eligible and how to apply click here.

New Home Guarantee

The New Home Guarantee is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

To find out the details of the scheme and eligibility, click here.

Family Home Guarantee

This Family Home Guarantee aims to support eligible single parents with at least one dependant child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home buyer.

Full details of the scheme and eligibility requirements can be found here. 

Schemes Comparison Table

	First Home Loan Deposit Scheme	New Home Guarantee	Family Home Guarantee
Minimum deposit	5%	5%	2%
Property type	New and existing homes 1	Building or purchasing new homes	New and existing homes 1
Number of places	10,000 places from 1 July 2021 to 30 June 2022	10,000 places from 1 July 2021 to 30 June 2022	10,000 places from 1 July 2021 to 30 June 2025
Borrower eligibility	Single and couple2 applicants	Single and couple2 applicants	Single parent with at least one dependent child
Purchasing history	Must be first home buyers	Must be first home buyers	First home buyers or previous home owners3

1. For a property to be eligible it must be a 'residential property' - this term has a particular meaning under each of the Schemes, and Participating Lenders can assist if there is any doubt. 
2. Couples are only eligible for the First Home Loan Deposit Scheme or the New Home Guarantee if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for these Schemes. 
3. Applicants can be either first home buyers or previous owners who do not currently own a home. That is, the applicant must not currently have a freehold interest in real property in Australia, a lease of land in Australia or a company title interest in land in Australia. 

What if I don’t qualify?

If you don’t qualify for any of the above schemes your may still have the opportunity to get onto the property ladder sooner rather than later. Calder Finance Brokers help our clients every day with lending solutions, quickly and professionally.

Get in touch with our broker Hayley Walsh here.

 

Written by Hayley Walsh from Calder Finance Broking, for more information please visit the Calder Finance website. Please note that Calder Finance Broking Pty Ltd is a Corporate Credit Representative of BLSSA Pty Ltd ABN 69 117 651 760 ACL 391237.

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