It’s good news for property investors! Not only has the Treasury expanded the property price caps for homes purchased under the First Home Loan Deposit Scheme (FHLDS) and Family Home Guarantee, but there will also be more slots available in the new financial year. That means more possibilities for first home buyers and single parent home buyers to get into the market.
This financial year a total of 30,000 additional places will be made available under a range of policies desinged to help home buyers.
The New Home Guarantee scheme helps first homeowners build or purchase a new home with a deposit as low as 5 per cent, without having to pay Lenders Mortgage Insurance (LMI), which can be an expensive barrier to home purchase for those with a small deposit. As of 1 July 2021, 10,000 additional places will be available for the 2021-22 financial year under each of the FHLDs, the New Home Guarantee and the Family Home Guarantee initiatives.
First Home Loan Deposit Scheme and Family Home Guarantee property price caps, effective July 1, 2021
The Capital City price thresholds apply to regional centres with a population over 250,000. Regional centres include: Newcastle and Lake Macquarie; Illawarra (Wollongong); Geelong; Gold Coast and Sunshine Coast.
New Home Guarantee construction extension
This applies to people constructing new homes or purchasing newly constructed homes that have a construction commencement timeframe of twelve months. The Capital City price thresholds apply to regional centres with a population over 250,000. Regional centres include: Newcastle and Lake Macquarie; Illawarra (Wollongong); Geelong; Gold Coast and Sunshine Coast.
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Buying property is one of the biggest money decisions you’ll make in your life, so put in the work to get it right. Get good help around you so you cover all your bases and can confidently buy property knowing you’re on the right track from the moment you make your purchase! If you would like to find out more about Raiz Home Ownership, please contact the team at firstname.lastname@example.org, or register your interest.
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