Property & Planning
Government Boosts First Home Buyer Support
2022-02-24 · 3 min read
An extra 4,651 first home buyers will be able to access federal government assistance during the 202122 financial year.
An extra 4,651 first home buyers will be able to access federal government assistance during the 2021-22 financial year.
The government had originally pledged to support 20,000 first home buyers this year – 10,000 under the First Home Loan Deposit Scheme and 10,000 under the New Home Guarantee.
Now, the government has added an extra 4,651 places, which went unused during the 2020-21 financial year.
The First Home Loan Deposit Scheme lets eligible first home buyers purchase a home with just a 5% deposit, without having to pay lender’s mortgage insurance.
The New Home Guarantee is almost identical, except it applies to new builds, off-the-plan properties and house-and-land packages.
The government hasn’t stipulated where the extra 4,651 places will be allocated, but it seems likely they will be spread over both programs, based on demand.
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