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 First Home Loan Deposit Scheme and state grants for first home buyers.
The First Home Loan Deposit Scheme is an Australian Government initiative to support first home buyers purchase their first home sooner. Usually, if you have less than a 20% deposit you need to pay lenders mortgage insurance. Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This will enable you to purchase your first home sooner with as little as a 5% deposit.
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.
