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More Opportunities for First Home Buyers

Owning your own home is the great Australian dream, but for many it may feel out of reach. Luckily, there are still some Government initiatives currently available, making it easier for more Aussies to get into their own home.

It has just been announced that the Government will reissue 4,651 unused grants for first home buyers from the Home Guarantee Scheme during the 2021 financial year.

One of those is the New Home Guarantee, which is designed to assist eligible first home buyers in purchasing a home.

How does it work?

Normally, first home buyers with less than 20% deposit must pay lenders mortgage insurance (LMI).

Under the New Home Guarantee scheme, part of your loan would be guaranteed by the NHFIC (National Housing Finance and Investment Corporation), guaranteeing up to 15% of the value of your property.

This will enable you to purchase a home with as little as 5% deposit. Plus, eligible first home builders can also take advantage of the First Home Owners Grant of $10,000!

What property types are eligible?

  • Newly constructed dwellings
  • House and land packages
  • Off the plan dwellings
  • Land and a separate home build contract

Am I eligible?

  • Applicants must be Australian citizens, over the age of 18 and must be first home buyers.
  • Single applicants with a taxable income of up to $125,000 per annum for the previous financial year
  • Couples with a taxable income of up to $200,000 for the previous financial year.
  • Applicants must intend to be owner-occupiers of the property (investment properties are not eligible).

Further eligibility criteria apply – see here to learn more.

What are the property price thresholds?

The property price cap for Western Australia is $550,000* for the capital city region.

How do I get started?

Our experienced team can guide you through the selection criteria to see if you qualify and find the option that is just right for you.

We have house and land packages in the most sought-after estates in Perth, ready to get you started on the journey to owning your own home. Or if you already have land, we can match you with the ideal home design to suit.

So, if you’ve been thinking about taking the leap and building your own home, enquire now.

Hurry, as limited spots are available!

 

Disclaimer:

*Terms and Conditions and eligibility criteria apply – data as per NHFIC website, refer to Government websites for further information. Finance provided by Harrisdale Pty Ltd trading as The Loan Company (Australian Credit License Number 386355).

Date posted: 14th December 2021

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