For prospective first-time homeowners, understanding your eligibility for government home buying initiatives can be challenging. If you’re looking to enter the property market, knowing which initiatives you qualify for can significantly enhance your first home buying experience. Explore the current Government Initiatives designed to assist owner-occupiers with their deposit to purchase their next home.
First Home Guarantee: Making Homeownership Easier
Saving for a deposit can be challenging, especially with rising living costs and rental prices. If you are planning to enter the property market, the First Home Guarantee might be the perfect Government Initiative for you.
The First Home Guarantee is a Federal Government Initiative that supports eligible first-time homeowners in purchasing a property with a deposit as low as 5%, without the need for Lender’s Mortgage Insurance. Formerly known as the First Home Loan Deposit Scheme, this initiative aims to make homeownership more accessible.
To be eligible for the First Home Guarantee, you must:
- Be at least 18 years old
- Apply as an individual or as joint applicants (maximum of 2)
- Be an Australian Citizen or Permanent Resident
- Be a first home buyer or someone who hasn’t owned a property in Australia in the past 10 years
- Have an annual income of up to $125,000 as an individual or $200,000 as joint applicants.
Under the First Home Guarantee, you can purchase an existing property or build a new home, as long as it fits within the property price cap set by Government legislation.
Family Home Guarantee: Support for Single Parents
For single parents, entering or re-entering the property market might seem challenging, but the Family Home Guarantee offers a potential solution.
The Family Home Guarantee is a Federal Government Initiative designed to assist single parents in purchasing a family home with a deposit as low as 2%, without needing to pay Lender’s Mortgage Insurance.
To be eligible for the Family Home Guarantee, you must:
- Be at least 18 years old
- Apply as an individual
- Be an Australian Citizen or Permanent Resident
- Be a single parent with at least one dependent child
- Earn no more than $125,000 per year
- Intend to occupy the purchased property
- Not currently own another property
Like the First Home Guarantee, the Family Home Guarantee allows you to purchase an existing property or build a new home, as long as it meets the property price cap defined by Government legislation.
First Home Owners’ Grant: State Government Support
The First Home Owners’ Grant is a State Government Initiative that assists first-time homeowners in purchasing or building a new home sooner. The grant amount and eligibility criteria vary by each State or Territory.
For instance, in Queensland, the First Home Owners’ Grant is valued at $15,000 and can be used towards buying or building a new home.
To be eligible for the QLD First Home Owners’ Grant, you must:
- Be at least 18 years old
- Be an Australian Citizen or Permanent Resident, or applying with someone who is
- Occupy the property as your principal place of residency
Additionally, the intended property must be valued at less than $750,000 (including the land) to qualify for the grant.
Take the First Step Towards Homeownership
Are you curious about your eligibility for the above Government Initiatives to enter or re-enter the property market? Click here to receive a Free Home Evaluation to assess your eligibility and explore how these initiatives can help you achieve your dream of homeownership.