Grants and Schemes for Aussie Home Buyers
If you're dreaming of that first or next step onto the property ladder in Australia, you're in luck. There are some fantastic grants and schemes available to help you turn that dream into a reality. Let's dive into what's on offer.
1. First Home Guarantee: Less Deposit, No LMI
So, you've never owned property in Australia before, and you're itching to buy your first home? The First Home Guarantee might be your ticket in! With as little as a 5% deposit and no Lenders Mortgage Insurance (LMI), this scheme is designed to make homeownership more accessible. To be eligible, you need to meet income and property price thresholds and have at least 5% in genuine savings.
2. Family Home Guarantee: A Hand for Single Parents
Are you a single parent with dreams of owning a home? The Family Home Guarantee has got your back! With a tiny 2% deposit and no LMI, this scheme is tailor-made for single parents with at least one dependent living with them. To qualify, you'll need to meet income ($125,000 per year) and property price requirements and have at least 2% in genuine savings.
3. Regional First Home Buyer Guarantee: A Regional Advantage
If you're eyeing a home in a regional area, the Regional First Home Buyer Guarantee might be your go-to option. With a mere 5% deposit, you can dive into the property market in a regional area. To qualify, you must have lived in a regional area for the past year, meet income requirements, not have owned a home before, and have at least 5% in savings.
4. First Home Owner Grant: Your New Home Bonus
Looking to purchase or build a new home? The First Home Owner Grant (FHOG) offers a one-off grant to help you kickstart your homeownership journey. Eligibility criteria vary by state or territory, but generally, you must be a first-time property owner, an Australian citizen or permanent resident, and an owner-occupier. Make sure to check the specific criteria in your area.
5. First Home Super Saver Scheme: Supercharge Your Savings
Ready to supercharge your savings for that first home deposit? The First Home Super Saver Scheme (FHSSS) lets you use your superannuation to help you save. To be eligible, you shouldn't have owned property in Australia before, be at least 18 years old, and meet the scheme's criteria.
Remember, each grant and scheme has its own set of rules and requirements, and they can vary by state or territory. It's crucial to do your research and check the specific eligibility criteria in your area.
Buying your first or next home is an exciting adventure, and these grants and schemes are here to lend a helping hand. If you're not sure which one is right for you or need assistance navigating the application process, don't hesitate to reach out to a mortgage broker. They're experts at making your homeownership dreams come true while keeping things as simple as a Sunday BBQ.
Disclaimer: Information in this blog was correct at the time of publishing and is subject to change at any time. Please note that all information is general in nature, and does not take into account your individual circumstances or needs.
