Sep 15, 2021

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.

This communication may provide links to the sites of independent third parties which contain information, articles and other material prepared by persons who are not employees or representatives of Calder Wealth Management.  These third parties are not affiliated with Calder Wealth Management and we do not control or endorse their content. We are not responsible for any information, opinions, representations or offers on these linked sites or the contents or accuracy of this material, and the opinions expressed in this material should not be taken to be the opinions of Calder Wealth Management.