Grants and Schemes for First Home Buyers

Hello and welcome back. Ahh!! Looking for a new solution to your new problem? As we realize, we have tapped into your inquisitive minds for more information about your concerns.

Are you a First Home Buyer, looking for easy solutions that can help you, so you have landed on the right page for the right solution? In this blog, we will talk about government grants and schemes for the First Home Buyers. Hope this blog helps you answer all your queries.?

Let’s start talking.?

Buying your first home may be both exhilarating, difficult, and a little stressful. For everyone, it's a significant step. It's also crucial to match your finances with your beliefs at this point. Because we believe that buying a house is probably the largest purchase you will ever make.

We've compiled a list of the most important ones, but it's always a good idea to consult with a mortgage broker or consultant. They will know which grant you are eligible for. Also, keep in mind that some of these home-buying schemes have time constraints. The early bird receives the discount.

First Home Buyer Schemes and Grants

Here's an overview of everything accessible, including eligibility requirements.

The Home Guarantee Scheme(HGS)

First-time buyers can receive aid for purchasing a home and jump on the property ladder faster, with as little as a 2% deposit, divided into three categories based on eligibility.

Only those who fit the requirements and want to buy an eligible property under the price cap are eligible for each home guarantee scheme.

First Home Buying Guarantee (FHBG)

First-home buying schemes now have the opportunity to purchase an eligible property, either new or old, with a deposit as low as 5%.? The good news, they can avoid lenders' mortgage insurance (LMI) thanks to the expansion of the FHGB home buying scheme, which adds 35,000 new spots annually.

Regional First Home Buyer Guarantee (RFHBG)

From October 1, 2022, to June 30, 2025, the federal government will provide 10,000 first-home buyer guarantees to Australians living in regional areas. These guarantees will enable the first-time home buyer to buy their first property in a specified location with a 5% down payment.

Family Home Guarantee (FHG)

Under the FHG, the National Housing Finance and Investment Corporation (NHFIC) guarantees up to 18% of a qualified house buyer's home loan. This implies that buyers can acquire a property with as little as a 2% down payment without having to pay low-income mortgage insurance (LMI). Each year, 5,000 more spots become available.

Help-to-buy scheme

Under the "Help to Buy" scheme, which is scheduled to start in the upcoming fiscal year but has no set start date. The government would contribute up to 30% of the purchase price of existing houses and up to 40% of the cost of new construction.??

First Home Super Saver Scheme (FHSS)

This is yet another way of getting assistance for buying a home. Instead of needing to save that amount in a bank account, you can use voluntary payments from your superannuation as your deposit.

It is significant to remember that buyers cannot withdraw employer, government, or spouse contributions; only voluntary donations are allowed to be used for the scheme.

First Home Owner Grant

We find it challenging for you to stay up to date with the most recent changes because of the regulations governing them.? How it operates and who is eligible are always changing and unique to each state and territory.

• Note: These schemes will be revised every financial year. Stay updated with our regular updates in our blogs and insights.?

How can Nfinity Financial help you?

As a mortgage broker firm:

• We can help you to apply for all the grants which you are eligible for.
• Make the process easier for you.
• Help you get a competitive interest rate.
• With current reports and trends, we help you to find the best property.
• Help you through settlement and beyond.

We are genie to all your worries. Feel free to connect with our expert at 1300 GET LOAN or fill out the contact form.?