What the new government scheme can mean for you and your family!
NEW GOVERNMENT SCHEMES!
Over the weekend, the federal government announced that from 1 July 2021, not only will there be some positive changes to some of the current plans/schemes, but also an introduction of a brand-new scheme allowing divorced or separated parents with dependent children to afford a home with a deposit as little as 2 per cent. How crazy does that sound? Buying a house with only 2% deposit?
YUP, that’s right. But before we get too excited about that, let’s talk about the new changes coming to a few existing schemes and how they are going to the change the marketplace.
- New Home Guarantee
The New Home Guarantee was launched in October last year by providing 10,000 spots under the FHLDS (First Home Loan Deposit Scheme) in hopes to deliver a guarantee from the government to the first home buyers loans on their new homes and newly built homes.
After an exponential success in the scheme, the government has now decided to extend the possibility to more Australians by adding another 10,000 spots in 21-22.
This mean that more Australians will be able to buy their first homes, not only with more possibility but also with a low deposit of as a little as five per cent.
YUP, that’s crazy too!
- First Home Super Saver Scheme
In 2017, the federal government successfully passed legislation to allow first home buyers access to their tax-exempt voluntary superannuation contributions whilst saving up for a home deposit.
The FHSS (First Home Super Saver) permitted individuals to contribute up to $30,000 to their first home from their superannuation account, however, from 1 July 2021, the deals are set to get sweeter! There will be an increase from $30,000 to $50,000 meaning individuals will be able to invest and own a home sooner.
And finally, let’s talk about the brand-new Family Home Guarantee!
- Family Home Guarantee
Starting on 1 July 2021, this new scheme will aid single parents purchase property. The Family Home Guarantee strives to support divorced or separated parents with dependent children by allowing them a super low deposit of only two per cent, therefore enabling them to buy a home much sooner.
Applicants must be Australian citizens and 18+ years old and have an annual taxable income of $125,000.
We are so excited for all the first home buyers to make the most of these changes and for single parents to finally buy a home they only dreamed about!
For more information on anything mortgage or loan related, call us on 0411 689 020.