Government releasing 30,000 grant spots

Govt makes it easier for first home buyers & single parents to buy property

From July 1, the federal government will release a total of 30,000 openings in three different assistance programs aimed at first home buyers and single parent.

At the same time, the government will increase the price caps that apply to two of the programs, making them easier to access.

The three schemes allow eligible buyers to purchase a property with a deposit of anywhere from 2% to 5% (depending on the scheme). The government guarantees the ‘gap’ between that 2-5% deposit and a standard 20% deposit, so the buyer doesn’t get charged lender’s mortgage insurance (which generally applies when buyers have a deposit under 20%).

  • Under the First Home Loan Deposit Scheme, 10,000 first home buyers can purchase existing homes with a 5% deposit.
  • Under the New Home Guarantee, 10,000 first home buyers can buy or build new homes with a 5% deposit.
  • Under the Family Home Guarantee, single parents (who may or may not be first home buyers) can purchase a property with a 2% deposit.

The schemes have price caps, which vary from region to region. From July 1, the caps will increase for the First Home Loan Deposit Scheme and Family Home Guarantee.

ATO issues tax warning

The Australian Taxation Office has reminded property investors to beware of common tax traps that...

Lenders offering green loans

Do you want to make your home more sustainable? If so, you might be interested...

Demand outstripping supply

Properties are being removed from the market faster than they’re being added, which is pushing...

Investor activity rising

First home buyers have been drifting out of the market, while investors have been piling...

ATO reveals key tax mistake

Keen to get your hands on a tax refund? Well, the Australian Taxation Office has...

Property investors cashing in

This is a great time to be a property investor, with tenants being forced to...

Many homes cheaper to buy than rent

New analysis from CoreLogic has found that buying a property is cheaper than renting for...

Mortgage deferrals available

As many parts of Australia have returned to lockdown over the past few weeks, lenders...

Leave a Reply

Your email address will not be published. Required fields are marked *