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.
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.
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