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First Home Buyer Options In 2024

Finance |

There’s no doubt that getting into the housing market can be difficult for first home buyers. However there are a number of grants and schemes that can help make the task a little easier.

First Home Guarantee – 5% Deposit for First Home Buyers

Previously known as the First Home Deposit Scheme, the First Home Guarantee is a federal government scheme helping a limited number of first home buyers purchase a property with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).

  • 5% Minimum deposit required
  • 35,000 places available for FY2023-24
  • Individual and joint applicants
  • Maximum purchase prices apply

 

Regional First Home Buyer Guarantee

The RFHBG aims to support eligible regional home buyers to buy a home sooner, in a regional area.

  • 5% Minimum deposit required
  • 10,000 places Available for FY2023-24
  • Individual and joint applicants
  • Applicants must intend to be owner-occupiers of the purchased property.
  • Income limits and maximum purchase prices apply

 

Family Home Guarantee

The Family Home Guarantee is a Government initiative that aims to support eligible single parents with dependants in purchasing a family home.

  • 2% Minimum deposit required
  • Available with participating lenders only.
  • Must be a single parent with at least one dependant.
  • Applicants must intend to be owner-occupiers of the purchased property.
  • Income limits and maximum purchase prices apply
  • Applicants must intend to be owner-occupiers of the purchased property.

 

First Home Owner Grant – (all states except ACT)

  • Most states offer a grant of between $10,000 and $30,000 for first home buyers.
  • Each state has different requirements that need to be satisfied.