GOVERNMENT GRANTS

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.

There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.

ELIGIBILITY: To access the First Home Loan Deposit Scheme, purchasers must meet the following eligibility checks:

• an income test;
• a prior property ownership test;
• a minimum age test;
• a deposit requirement;
• an owner-occupier requirement;
• property price caps

READ MORE: FIRST HOME LOAN DEPOSIT SCHEME

If you’re a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).

ELIGIBILITY: the grant is available for:

• buying an existing home
• buying a new home and
• vacant land on which you intend to build a home.

READ MORE: FIRST HOME BUYER ASSISTANCE SCHEME

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.

ELIGIBILITY: the grant is available for:

• contract to buy a new home
• building contract by the owner of the land
• owner of the land building their own home.

READ MORE: FIRST HOME OWNER GRANT (NEW HOMES) SCHEME

The New Home Guarantee is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 5% deposit.

Any guarantee of your home loan is for up to a maximum amount of 15% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

ELIGIBLE NEW HOME PROPERTIES: the grant is available for:

• newly-constructed dwellings
• off-the-plan dwellings
• house and land packages
• land and a separate contract to build a new home

READ MORE: NEW HOME GUARANTEE

The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner.

10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 2% deposit.

Any guarantee of your home loan is for up to a maximum amount of 18% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

ELIGIBILITY: To access the Family Home Guarantee, purchasers must meet the following eligibility checks:

• are single. A person is considered to be single if they don’t have a spouse and/or the person does not have a de facto partner
• have at least one dependent child. To have a dependent child, you must be the natural or adoptive parent of the child and the child must either be A “dependant child” or at least 16 but under 22 years of age, receive a disability support pension within the meaning of the Social Security Act 1991 and live with you.

READ MORE: FAMILY HOME GUARANTEE