The Government has introduced the First Home Loan Deposit Scheme (“the Scheme”).

The Scheme will enable first home buyers to purchase a home with a deposit of as little as 5%. The Scheme will assist 10,000 first home buyers each financial year.

The Government states that “saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan. It can take ten years for the average first home buyer to save a 20 per cent deposit.”

Eligibility criteria applies, including having taxable income per annum of less than:

  • $125,000 for singles; and

  • $200,000 for couples.

 

The Scheme:

  • Only applies to owner-occupied loans;

  • Must be on a principal and interest basis; and

  • Will be subject to regional price caps.

 

The other Scheme complements the “First Home Super Saver Scheme” which allows first home buyers to make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into their super fund to save for their first home.

If you need assistance buying or selling a property, we can assist you with conveyancing, or if you need assistance obtaining finance, we can refer you to a reputable broker.

 

Give us a call today:

0416 024 639  I  0415 677 407 I  www.winterlegal.com.au  I  https://www.facebook.com/WinterLegal/

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