Government Grants - A budget Update 2022/23

Thursday 31 March, 2022

If you missed the 2022-23 budget announcements this week, you may have missed the incentives announced for home buyers. While most are not new, the government have increased the number of spaces available for eligible home buyers through their Home Guarantee Scheme. Here is a summary of the grants and schemes available to eligible buyers that may help you get into your dream home sooner:

First Home Loan Deposit Scheme

The government announced last night that this scheme would be expanded from 10,000 spaces to 35,000 spaces per year.

The First Home Loan Deposit Scheme allows eligible buyers achieve their dream of owning their own home with as little as a 5% deposit. The grant also means you won’t need Lender’s Mortgage Insurance which could save you thousands!

Regional Home Guarantee

The Regional Home Guarantee works in the same way as the First Home Loan Deposit Scheme by allowing eligible buyers the opportunity to purchase a home in a regional or remote area with as little as a 5% deposit and no lenders mortgage insurance.

The government will make 10,000 places available to first home buyers, permanent residents and those who haven’t owned property in the last five years.

Family Home Guarantee

The Family Home Guarantee supports eligible single parents with at least one dependent child achieve their dream of owning their own home with as little as a 2% deposit. The difference with this scheme is that it isn’t just for first home buyers, it also supports eligible single parents re-enter the housing market. The government have guaranteed 5,000 grants each year from 1st July 2022 to 30 June 2025.

The governments Home Guarantee incentives now allow up to 50,000 Australians realise their dream of owning their own home. Not sure if you are eligible or where to start? You know what to do! Contact us and let’s get talking!

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