If there is a silver lining to many of the challenges facing first home buyers, it’s that Federal and State Governments are taking it seriously by offering dedicated first home buyer support. With low interest rates and a multitude of home buyer assistance packages, entry to home ownership is becoming less the impossible dream for many Australians.
Read on to learn more about the support available including the Home Guarantee Scheme and state grants for first home buyers.
The Federal Government has announced a significant expansion to its Home Guarantee Scheme, with the aim of helping more people achieve home ownership sooner. The National Housing Finance and Investment Corporation (NHFIC) provides a guarantee for eligible first home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as five percent. The Federal Government’s Home Guarantee Scheme effectively acts as a guarantor.
The First Home Super Saver (FHSS) Scheme was introduced by the Australian Government to reduce pressure on housing affordability. The FHSS Scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation. Learn more about your eligibility for the FHSS.
In addition to the benefits associated with buying off the plan, there are additional state government benefits for first home buyers that you could be eligible for.
First Home Owner Grant
Other Grants and Schemes
