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.
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 property experts at iBuildNew who can help guide you through your options and the process. Click below to get started.