Government Schemees
Published March 13, 2022
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Government Schemes
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The First Home Buyer Scheme
Saving a deposit for your first home can be challenging. That’s why we're proud to work alongside the Australian government on the First Home Loan Deposit Scheme to help more first home buyers realise their home ownership goals.
What is it?
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.
Update: The Australian Government is issuing 4,651 additional guarantees to support first home buyers who haven't had an opportunity to purchase their first home, including because of COVID disruptions. These scheme places are available from Monday, 31 January 2022.
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.
What type of home can I buy?
For a property to be eligible it must be a 'residential property' - this term has a particular meaning under this Scheme. Eligible residential properties include:
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an existing house, townhouse or apartment
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a house and land package
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land and a separate contract to build a home
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an off-the-plan apartment or townhouse
Specific dates and requirements apply for the different property types.
Do I qualify?
Contact our lending specialists to find out how you can benefit from this scheme, we're here to take you through every step of the way.
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Family 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, home buyers with less than a 20% deposit need to pay lenders mortgage insurance.
Under this Scheme, part of an eligible 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.
Who is eligible?
The scheme is available to single parents in Australia.
Am I a single parent?
You will only be eligible to participate if you:
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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. Note, a person who is separated but not divorced is not single.
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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 “dependent child” within the meaning of subsections (2), (3), (4),(5), (6) and (7) of section 5 of the Social Security Act 1991 or
b. 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.
What if I used to own a home?
Family Home Guarantee applicants can be either first home buyers or previous owners who do not currently own a home.
To be eligible, you must not currently have:
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a freehold interest in real property in Australia
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a lease of land in Australia
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a company title interest in land in Australia
If you are unsure of your personal circumstances, you can ask our lending specialists.
What type of home can I buy?
For a property to be eligible under the Family Home Guarantee, it must be a residential property. This term has the same meaning as under the first home loan deposit scheme.
Eligible residential properties generally include:
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an existing house, townhouse or apartment
-
a house and land package
-
land and separate contract to build a home
-
an off-the-plan apartment or townhouse
What are the important timeframes?
Different timeframes can apply to your Scheme place, depending on the type of home you buy.
To be eligible for this Scheme, the contract of sale and (if applicable) eligible building contract may have particular dates when they can be signed by you. There are no exceptions from these required dates.
If you are purchasing an existing dwelling, the property must be purchased under a contract of sale dated on or after 1 July 2021.
How do i apply?
Contact our lending specialists to find out how you can apply for this scheme, we're here to take you through every step of the way.
Let us introduce ourselves
We're the @realty finance lending specialists who will be assisting you with your home loan. Get to know us so we can help you with your loan. Introducing Adam Robson and Adam Kay, your @realty Finance lending specialists.
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