There’s been a lot of talk about first home buyer schemes, which provide federal and state government assistance for those people buying their first home.
It can be overwhelming if you’re a first home buyer, navigating what might be your biggest purchase ever. So, Your Village Mortgage Brokers are here to help. I’ve summarised below some different types of government assistance available to first home buyers, which Your Village Mortgage Brokers can assist you with:
- Help to Buy Scheme – a shared ownership scheme where the government effectively owns part of the house you buy. The government can buy up to 40% of your first home if it’s newly built house and up to 30% if it’s an existing house.
- First Home Guarantee (FHBG) – enables eligible people to buy their first home with as little as 5% deposit, without paying Lenders’ Mortgage Insurance (LMI). This is part of the Home Guarantee Scheme (HGS), with guarantees provided by the National Housing Finance and Investment Corporation (NHFIC).
- Family Home Guarantee – helps single parents with dependents to purchase their first home with as little as 2% deposit.
- Regional First Home Buyer Support Scheme – helps eligible regional first-home buyers to purchase their first home with as little as 5% deposit.
Other concessions may be available to first home buyers, depending on their state of residence, e.g. Victoria’s first home owner grant (FHOG) provides a one-off grant to eligible first home buyers to offset the effect of the GST and other charges, worth up to $10,000.
Have a look at these websites for some more information and/or chat to us at Your Village Mortgage Brokers:
Support to buy a home | The National Housing Finance & Investment Corporation (NHFIC) https://www.nhfic.gov.au/support-buy-home
