Australian Government announces 30,000 more Scheme places to support Australians buying a home
From today (July 1st 2021), 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.
+ How many places are available across the schemes?
10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.
The New Home Guarantee has been extended with an additional 10,000 places available from 1 July 2021 to 30 June 2022.
10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.
+ How much are the property price caps?
This can vary postcode-to-postcode. For our local postcodes see below:
|Location (Postcode)||FHLDS Cap||Family Home |
|New Home |
|4506 Deception Bay||$475,000||$600,000||$650,000|
|4507 Banksia Beach||$475,000||$600,000||$650,000|
|4509 Mango Hill||$475,000||$600,000||$650,000|
If you are curious on the Guarantee Cap for your postcode, please contact our office on 0418 884 045.
+ What scheme can I apply for?
View the below comparison table for a brief overview of the key differences between the three Schemes.
If you aren’t sure which Scheme could apply to you, we can help point you in the right direction.
Posted by: NHFIC Australian Government