First-home buyers and single parents are now able to get into property with a smaller deposit or at a higher price point. On 1 July, 30,000 new spots were released across three government loan schemes.
FHBs and single parents can now buy properties worth up to $800,000 with deposits as low as 5% and 2% respectively, under new price caps for spots with the First Home Loan Deposit Scheme and the new Family Home Guarantee.
They are among multiple changes on buyers’ radar for this financial year, with the price cap increases set to help buyers trying to get into a strong housing market.
Nationally, from 1 July, FHBs can access 10,000 more spots in the Federal Government’s loan deposit scheme for existing homes at a higher price, and an additional 10,000 spots for new homes – which will remain capped at a maximum price of $950,000 under the New Home Guarantee.
The first of 10,000 guarantees for single parents, to be rolled out over four financial years, also became available from 1 July.
Both NAB and CBA, the major banks with access to the schemes, are expecting strong demand for the latest rollout.