Own an investment property? Discover your profitability score and grow your wealth faster. TAKE THE TEST

← Back

Booster shot for homebuyers

The homeowning dreams of some Australians were boosted this week, with the announcement of new guarantees for single parent buyers and first timers.

In its 2021-22 Budget, the Australian Government announced an extension to the First Home Loan Deposit Scheme (New Homes) and the establishment of a new program called the Family Home Guarantee.

The new program will provide eligible single parents with dependants the opportunity to build a new home or buy an existing one with a deposit of just 2%, subject to their ability to service the home loan.

From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.

The guarantee is available regardless of whether the single parent is a first home buyer or previous owner-occupier. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000.

The FHLDS (New Homes) scheme has also been extended for a second year, with an additional 10,000 places available from 1 July 2021 to 30 June 2022.

Eligible borrowers can apply for the new Family Home Guarantee, the FHLDS and FHLDS (New Homes) through their lender or broker from 1 July 2021.

To find out more about the guarantees, including eligibility criteria, see the National Housing Finance and Investment Corporation (NHFIC) website.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

Google Rating
5.0