Please note - Due to the holiday season, builders and developers may be slower than usual in responding to any queries Close

Government Extends First Home Loan Deposit Scheme By 10,000 Spaces

This article will be updated as new information is released.

On the 3rd of October, the Morrison Government announced an additional 10,000 spots in the First Home Loan Deposit Scheme with the intention of boosting construction and Australia’s economic recovery. 

The additional 10,000 spaces will be provided from 6th of October to first home buyers to support the purchase of newly built homes and off-the-plan properties. This differs from previous releases, which also allowed for the purchase of established properties.

first home loan deposit scheme

The new 10,000 spaces are available for eligible first home buyers up until June 30, 2021. The scheme is open to individuals earning up to $125,000 and couples up to $200,000.

The government has also lifted price caps for the extended scheme, allowing eligible first home buyers to spend more on their first home:

Proven popular with first home buyers since it was introduced earlier this year, the First Home Loan Deposit Scheme is a programme designed to assist first home buyers in entering the property market by allowing them to buy a property with a deposit as little as five per cent. The Government guarantees the remaining fifteen per cent, negating the need to take out lenders mortgage insurance, saving eligible first home buyers thousands upfront and in future interest.

More information will be available on the NHFIC website from Tuesday, 6th October 2020.

Are you a first home buyer looking to build a new home? Now is the perfect time to take advantage of this scheme and many more incentives on offer in your state. You can check them all out here.

If you’re not sure where to begin, don’t hesitate to get in touch with one of our new home advisors at iBuildNew who can help guide you through your options and the process. Click below to get started.

iBuildnew Advisory Team
Let us do the legwork for you.
  • We’ll ask the right questions to better understand your needs
  • We’ll create a recommended shortlist ideally matched to you
  • We’ll answer specific questions or concerns related to home building, land purchasing or financing

Michelle Leftwich

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Jun 22, 2021

What To Consider When Planning A New Home Design On ...

As metropolitan areas steadily expand and accommodate increasing occupants, the lot siz...
Read More
Feb 04, 2020

Building A New Home? Make It Sustainable!

If you’re thinking of building a new home, there are many reasons why you should make i...
Read More
Jun 04, 2020

HomeBuilder Grant: What Is It And Who Is Eligible Fo...

This article is being updated as new information is announced by the Government. New In...
Read More
Nov 28, 2022

Suburb Property Profile: Parramatta, NSW 2150

  Thinking about building a new home in Parramatta, New South Wales? Our Suburb Pr...
Read More
Jan 24, 2023

Housing Markets Down in 2022, But Far From Out ̵...

Mixed Bag for Home Prices Over 2022  In 2022, national house prices were predictably lo...
Read More
Dec 05, 2022

Suburb Property Profile: Castle Hill, NSW 2154

  Thinking about building a new home in Castle Hill, New South Wales? Our Suburb P...
Read More
Oct 17, 2022

Building Costs Surge After Short Term Retreat –...

  After 2-3 months of slight relief in new housing build costs, a significant surg...
Read More
Aug 09, 2019

Plantation Homes’ – House For Life Chari...

There is nothing more heartbreaking than hearing about children suffering in hospitals....
Read More
Mar 17, 2023

Ready To Buy Your First Home? Here are some top tips...

Buying your first home is an exciting experience, but it comes with making many big dec...
Read More
Mar 17, 2023

Are Buying A House For The First Time In 2023? Here’...

While the very thought of securing a home loan leaves many feeling intimidated and more...
Read More
Oct 30, 2019

Buying A Home? Plan Ahead For These Hidden Costs

It can be too easy to become swept up in the excitement of buying a property, that you ...
Read More
Aug 29, 2019

“Fears” That Trick Us Into Not Investing...

For most, investing in property is an uncertain and overwhelming process. Amidst all th...
Read More
Dec 20, 2022

Building Approvals Down 20-25% as Build Costs Peak

  Spring has concluded with housing markets reporting mixed results over November ...
Read More
Sep 28, 2022

Inflation Outlook Improves as Home Building Costs Ea...

  Australia’s inflation rate has surged to the highest levels since the early 1990...
Read More
Dec 13, 2023

Home Builders Warranty Insurance Explained

Building a home is a significant investment and comes with its fair share of risks. To ...
Read More
Sep 10, 2019

Securing Your Dream Home: How Much Can I Really Affo...

Australians love to fear-monger about housing affordability. The key question when buyi...
Read More
Nov 11, 2022

Build Costs Still Rising in a Housing Markets Spring...

  The spring selling season is now well advanced, with growing signs over October ...
Read More
Mar 16, 2023

Ready To Buy Your First Home? Here are some top tips...

Entering the property market and buying your first house can seem daunting. It is impor...
Read More
Mar 15, 2020

Suburb Property Profile: Busselton, WA 6280

Beautifully surrounded by clear blue ocean and pristine sandy beaches, the prominent su...
Read More
Jun 09, 2020

WA Government Announces $444 Million Housing Stimulu...

This article is being updated as new information is announced. The McGowan Labor Govern...
Read More
Nov 25, 2022

Interest Rate Outlook Improves For Borrowers –...

The RBA announced that it would be increasing interest rates in May 2022 in order to co...
Read More
Nov 04, 2022

Suburb Property Profile: Broadbeach, QLD 4218

  Thinking about building a new home in Broadbeach, Queensland? Our Suburb Propert...
Read More
Mar 07, 2023

Ready To Buy Your First Home in 2023?

Everybody aspires to build their dream home one day and shares the desire to make their...
Read More

Get more from

Browse New House Designs