New Home Owner Scheme

Click Here Form Updated Government Scheme

Soon, single parents would be able to purchase their own home with Government’s newly announced special scheme that could assist those buyers to get as much as 18% of the purchase price guaranteed by the Government to avoid Lenders Mortgage Insurance.

Update from the Australian Government: Family Home Guarantee

On 8 May 2021, under the 2021- 2022 Budget, the Australian Government announced the extension of the FHLDS (New Homes) and the establishment of a new program called the Family Home Guarantee.

Family Home Guarantee
The Australian Government has announced a new program called the Family Home Guarantee, which provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan.

From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.

The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000. A fact sheet with further information on eligibility criteria will be available on NHFIC’s website next week.

FHLDS (New Homes) extended for 2021-22
An additional 10,000 FHLDS (New Homes) places will be available from 1 July 2021 to 30 June 2022. Find out more about the eligibility criteria for the FHLDS (New Homes). An updated fact sheet on the 2021-22 extension will be available on NHFIC’s website next week.

This has been posted on NHFIC’s website at the following links:

https://www.nhfic.gov.au/media-resources/media-releases/update-from-the-australian-government-family-home-guarantee/

https://www.nhfic.gov.au/what-we-do/first-home-loan-deposit-scheme/

https://www.nhfic.gov.au/what-we-do/fhlds/

Source: www.fbaa.com.au