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Home Buying Government Schemes

 

We’re no longer accepting new requests for the FY22 release of the First Home Loan Deposit Scheme (FHLDS). Scheme Places are still available in the New Home Guarantee (NHG) and Family Home Guarantee (FHG) for eligible borrowers for this financial year.

We all know saving and then buying your first home can be tough. Depending on your circumstances, you may be eligible for the numerous schemes and funding available to first home buyers through federal and state funding.

As part of the 2021-2022 budget, the Australian Federal Government announced the extension of the existing First Home Loan Deposit Scheme, the New Homes Guarantee and announced a new program called the Family Home Guarantee to help families get into their own homes quicker.

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What is the First Home Loan Deposit Scheme?

The First Home Loan Deposit Scheme (FHLDS) is an initiative that was created to support eligible first home buyers in purchasing or building their first home. 

Typically, first home buyers who have less than a 20% deposit need to pay lenders mortgage insurance. Under the scheme, eligible buyers can instead have as little as 5% deposit to go towards the purchase or build of their new home and not pay lenders mortgage insurance. 

 

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What is the Family Home Guarantee?

As part of the 2021-2022 Federal Budget, the Australian Government announced the Family Home Guarantee to help eligible single parents to purchase their own home. 

The Family Home Guarantee was designed to support eligible single parents with dependents to be able to build a new home or purchase an existing home with a deposit as little as 2% without the need to pay lenders mortgage insurance, regardless of having owned a property previously.
 

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What is the New Home Guarantee?

In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 scheme places for the 2020-21 financial year known as the New Home Guarantee (NHG), specifically for eligible first home buyers building or purchasing new homes. 

Under the 2021-22 Federal Budget, a further 10,000 NHG places will be available from 1 July 2021.

 

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How can I buy a home sooner?

We’re proud to be one of 27 participating lenders of the First Home Loan Deposit Scheme, New Homes Guarantee and Family Home Guarantee. 

We could help you own your own home sooner. As a customer-owned bank, we exist because of you, for you. We have a range of home loans to suit your needs while you get to bank with a bank who cares. 

 

Am I eligible?

There are three types of applications that are eligible for the Scheme. To check your eligibility as a single, you can use this tool. If you’re a couple, you can check your eligibility here.

In addition to the overall eligibility outlined by the Australian Government, we are limiting the FHLDS opportunities to our customers within the education and healthcare communities only.

What are the property price caps?

  • New Home Guarantee property price thresholds
    The New Home Guarantee helps you build or purchase a new home. However, there are price caps that you must not exceed. These price caps are applicable based on the area that it will be located. 

    As a guide, the below are the relevant price caps.  

    State Capital city and
    regional centres*
    Rest of state
    New South Wales $950,000 $600,000
    Victoria $850,000 $550,000
    Queensland $650,000 $500,000
     Western Australia $550,000 $400,000
     South Australia $550,000 $400,000
     Tasmania $550,000 $400,000
    Territory All areas
    Australia Capital Territory $600,000
    Northern Territory $550,000
    Jervis Bay Territory & Norfolk Island $600,000
    Christmas Island and Cocos (Keeling) Islands $400,000
     

    *Please note that regional centres only include the areas identified as (1) in New South Wales, Illawarra, Newcastle and Lake Macquarie, (2) in Victoria, Geelong, and (3) in Queensland, Gold Coast and Sunshine Coast.

  • FHLDS and Family Home Guarantee property price thresholds

    The below thresholds are applicable to the new Family Home Guarantee and FHLDS. The Family Home Guarantee does not include Jervis Bay Territory and Norfolk Island, and Christmas Island and Cocos (Keeling) Islands.  

    State Capital city and
    regional centres*
    Rest of state
    New South Wales $800,000 $600,000
    Victoria $700,000 $500,000
    Queensland $600,000 $450,000
     Western Australia $500,000 $400,000
     South Australia $500,000 $350,000
     Tasmania $500,000 $400,000
    Territory All areas
    Australia Capital Territory $500,000
    Northern Territory $500,000
    Jervis Bay Territory and Norfolk Island $550,000
     Christmas Island and Cocos (Keeling) Islands $400,000


    *The capital city price thresholds apply to regional centres with a population over 250,000 (Newcastle & Lake Macquarie, Illawarra (Wollongong), Geelong, Gold Coast and Sunshine Coast), recognising that dwellings in regional centres can be more expensive than other regional areas.

Further information

Information guides are available for all three NHFIC schemes:

For further details please visit the Government’s NHFIC website

How do I apply?

To apply for any of the Home Buyer Government Schemes, you will need to meet the eligibility requirements noted above and complete a home loan application with us.

Before you contact us, we recommend checking your eligibility and reading through all the finer details provided.

To be eligible for the Home Buyer Government Schemes with us, you will need to meet the below prerequisites:

  • Work in the education or healthcare sector.
  • All required documentation to be held before reservation/assessment:
    -- Completed Home Loan Application Form (no reservations to be made without application).
    -- Home Buyer Declaration.
    -- Medicare Card.
    -- Current Notice of Assessment.
  • Eligible first home buyers must use the maximum amount of their savings as a deposit (funds cannot be held back for other purposes, i.e. renovations, wedding, redraw etc.).

Please note, further lending criteria may apply.

Buying a house and going through government schemes can be quite daunting. Don’t worry, our friendly lending team are experts and can help you through the process.

If you meet the eligibility criteria, take the first step by completing a home loan application with us. 

Apply for a loan today