First Home Buyers Available Government Grants & Schemes

Our Synergy Business Finance team have broken down the key Government Housing Schemes for your reference below.

Home Guarantee – First Home Buyers

This Federal Government scheme is set to assist people looking to buy their first homes, with a guarantee of up to 15% of the purchase price avoiding LMI.

“This scheme is available for 35,000 people in the 2022-23 financial year. It is targeted at applicants who are looking to purchase their first home, with a $125,000 income cap for individuals and $200,000 for couples” Synergy Business Finance Managing Director Marcus said.

“This is an existing scheme from the Federal Government so some places have already been exhausted” Marcus added.

More information that’s important to know about the Home Guarantee – First Home Buyers Scheme:

• You must be an Australian citizen above the age of 18 years
• You must live in the purchased home
• This must be your first home purchase and you mustn’t have previously owned a property in Australia
• You must be an individual earning up to $125,000 or a couple earning up to $200,000
• You must have a 5% deposit of the purchase price
• Property price caps apply
• 35,000 places announced for 2022-23

Family Home Guarantee

“The Family Home Guarantee scheme is aimed to support single parents with at least one dependant child in purchasing a family home, regardless of whether the parent has previously owned a home. The Federal Government will guarantee up to 15% of the purchase price, avoiding LMI” Marcus said.

More information that’s important to know about the Family Home Guarantee Scheme:

• You must be a single parent with at least one dependent, and must be the only name on the loan and title
• You must be an Australian citizen above the age of 18 years
• You must live in the purchased home
• You must be an individual earning up to $125,000
• You must have a 2% deposit of the purchase price
• Property price caps apply
• 5,000 places available in the existing scheme

Queensland First Home Owners Grant

“The First Home Owners Grant from the Queensland Government has been a popular initiative for first home buyers to enter the market since it’s inception. The grant helps first home owners buy a new home with a $15,000 grant provided for either buying or building a new house.” Marcus said.

More information that’s important to know about the Family Home Guarantee Scheme:

• You must be an Australian citizen above the age of 18 years
• You must intend to move into the new home as your principal place of residence within 1 year
• The property you buy or build must be a brand new home
• The value of the new home including land must be less than $750,000
• There are no application income eligibility caps or deposit percentage criteria’s
• You or your spouse must not have previously owned property in Australia that you have lived in
• Property price caps apply

Help to Buy

“To be introduced in 2023, this scheme is set to help people buy a home sooner, by providing a Federal Government equity contribution of up to 40% on new build and 30% on existing homes” Synergy Business Finance Managing Director Marcus said.

So, who is it for? Low to middle income earners who currently don’t own a property, with an individual income of up to $90,000 and a couple income of up to $120,000. A 2% of the purchase price deposit is required.

More information that’s important to know about the Help to Buy Scheme:

• You must be an Australian citizen above the age of 18 years
• You must live in the purchased home as the principal place of residence
• You mustn’t own any other land or property in Australia or overseas
• You must pay for associated costs (stamp duty, legal bank fees)
• Property price caps apply
• 10,000 places per year available
• This scheme commences from the 1^st of January 2023

Regional First Home Buyer Support Scheme

“This will be a popular scheme for buyers looking to buy their first homes in rural and regional areas across Australia from January 2023” Marcus said.

“Applicants must reside in regional areas of Australia and have been living there for at least 12 months. First home buyers purchasing a property in these regional areas can be guaranteed 15% of the properties purchase price, avoiding LMI under this Federal Government initiative” Marcus added.

More information that’s important to know about the Regional First Home Buyer Support Scheme:

• You must be an Australian citizen above the age of 18 years
• You must live in the purchased home as the principal place of residence
• This must be your first home purchase
• You must be an individual earning up to $125,000 or a couple earning up to $200,000
• You must have a 5% deposit of the purchase price
• Property price caps apply
• 10,000 places per year available
• This scheme commences from the 1^st of January 2023

To discuss any of these Government Housing Schemes and whether they would be applicable to your circumstances, feel free to contact our Synergy Business Finance team to book an appointment.