First home buyers trying to enter Australia’s red-hot property market are set to be offered some relief under a number of new initiatives announced in this year’s Federal Budget.
He announced three key measures aimed at helping first home buyers enter the market without having to save for decades to acquire a sizable deposit.
The government’s first home buyer’s scheme will be boosted by another 10,000 places, where buyers will only need a five per cent deposit to secure a home.
A new initiative will see single parents able to purchase a home with just a two per cent deposit.
And the First Home Super Save Scheme will allow first timers to access as much as $50,000 from their superannuation to purchase a house.
First Home Loan Deposit Scheme
The Federal Government is expanding the First Home Loan Deposit Scheme by another 10,000 places in 2021-2022.
First introduced in last year’s Budget, the First Home Loan Deposit Scheme has proved to be enormously popular with almost all spots secured soon after becoming available.
First Home Super Saver Scheme
The First Home Super Saver Scheme has been expanded to allow eligible first home buyers to release up to $50,000 of their superannuation to purchase a home, up from $30,000.
The scheme will begin from July 1, 2022.
Family Home Guarantee
Riding off the back of the First Home Loan Deposit Scheme, the government has committed to a “Family Home Guarantee” aimed at helping single parents into home ownership.
Only individuals who are deemed to be able to service a loan will be granted a place.
Originally published by 9 News HERE.