More buyers now eligible for federal housing incentives
3/5/2022
The Federal Government has expanded its support to first home buyers and single parents, and has also released a new program for regional buyers.
The First Home Loan Deposit Scheme and New Home Guarantee, which currently support a combined 20,000 first home buyers per financial year, will now support 35,000 per year from 1 July 2022. The price caps for these programs, which differ from area to area, will also be increased, by anywhere from $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.
The Family Home Guarantee, which currently supports 10,000 single parents over four years, will now support 5,000 per year from 1 July. Under this program, single parents can buy properties with just a 2% deposit.
The new Regional Home Guarantee will help 10,000 people per financial year (starting from 1 October) to buy a property in a regional area with just a 5% deposit. This program is open to first home buyers, people who have not owned a home for at least five years and permanent residents.
