Articles

The Australian Government supports eligible home buyers to purchase a home sooner.

THURSDAY 01 JULY 2021

From today, 30,000 new places are available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee.

The Family Home Guarantee was announced in the 2021-2022 Federal Budget to support eligible single parents with at least one dependent child. 10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to buy a new or existing home with a deposit of as little as 2 per cent.

The New Home Guarantee, announced in October 2020, is specifically for eligible first home buyers building or buying a new home with a deposit of as little as 5 per cent. It has been extended under the 2021-2022 Federal Budget with 10,000 new places available from 1 July 2021 to 30 June 2022.

10,000 additional places have also been released under the First Home Loan Deposit Scheme for the 2021-2022 financial year. The Scheme supports eligible first home buyers purchase an established home or a new home sooner with a deposit of as little as 5 per cent.

New property price caps will apply from today for the First Home Loan Deposit Scheme. These property price caps also apply to the Family Home Guarantee.

Applications for the three Schemes can be made through participating lenders or mortgage providers.

The Australian Government supports eligible home buyers to purchase a home sooner.

NHFIC administers these three Schemes on behalf of the Australian Government:

First Home Loan Deposit Scheme supports you to buy your first home sooner, with a deposit of as little as 5%.
New Home Guarantee supports you to build or buy a new home, with higher property price caps available in selected areas.
Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit of as little as 2%.

Eligibility criteria apply for each Scheme, please contact a Participating Lender for more information.

How many places are available across the Schemes?

10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.

The New Home Guarantee has been extended with an additional 10,000 places available from 1 July 2021 to 30 June 2022.

10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Comparison Table

	First Home Loan Deposit Scheme	New Home Guarantee	Family Home Guarantee
Minimum deposit	5%	5%	2%
Property type	New and existing homes	Building or purchasing new homes	New and existing homes
Number of places	10,000 places from 1 July 2021 to 30 June 2022	10,000 places from 1 July 2021 to 30 June 2022	10,000 places from 1 July 2021 to 30 June 2025
Borrower eligibility	Single and couple applicants	Single and couple applicants	Single parent with at least one dependent child
Purchasing history	Must be first home buyers	Must be first home buyers	First home buyers or previous home owners

For a property to be eligible it must be a ‘residential property’ – this term has a particular meaning under each of the Schemes, and Participating Lenders can assist if there is any doubt.
Couples are only eligible for the First Home Loan Deposit Scheme or the New Home Guarantee if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for these Schemes.
Applicants can be either first home buyers or previous owners who do not currently own a home. That is, the applicant must not currently have a freehold interest in real property in Australia, a lease of land in Australia or a company title interest in land in Australia.

Participating Lenders

All applications for any of the Schemes to support you to buy a home need to be made directly with one of the Participating Lenders (or their authorized representatives, i.e. a mortgage broker) for that Scheme.

NHFIC does not accept applications directly and we cannot provide personal financial advice.

If you are looking to buy a home (or advising someone who is) we encourage you to consult with a Participating Lender and seek your own independent financial and legal advice on how to structure your loan arrangements in a way that suits your own personal circumstances.

To know the list of Major Banks and Non-Major Lenders click here

Articles

The Australian Government supports eligible home buyers to purchase a home sooner.

THURSDAY 01 JULY 2021

From today, 30,000 new places are available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee.

The New Home Guarantee, announced in October 2020, is specifically for eligible first home buyers building or buying a new home with a deposit of as little as 5 per cent. It has been extended under the 2021-2022 Federal Budget with 10,000 new places available from 1 July 2021 to 30 June 2022.

10,000 additional places have also been released under the First Home Loan Deposit Scheme for the 2021-2022 financial year. The Scheme supports eligible first home buyers purchase an established home or a new home sooner with a deposit of as little as 5 per cent.

New property price caps will apply from today for the First Home Loan Deposit Scheme. These property price caps also apply to the Family Home Guarantee.

Applications for the three Schemes can be made through participating lenders or mortgage providers.

The Australian Government supports eligible home buyers to purchase a home sooner.

NHFIC administers these three Schemes on behalf of the Australian Government:

First Home Loan Deposit Scheme supports you to buy your first home sooner, with a deposit of as little as 5%.

New Home Guarantee supports you to build or buy a new home, with higher property price caps available in selected areas.

Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit of as little as 2%.

Eligibility criteria apply for each Scheme, please contact a Participating Lender for more information.

How many places are available across the Schemes?

10,000 First Home Loan Deposit Scheme places will be available to eligible first home buyers from 1 July 2021 to 30 June 2022.

The New Home Guarantee has been extended with an additional 10,000 places available from 1 July 2021 to 30 June 2022.

10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.

Comparison Table

First Home Loan Deposit Scheme

New Home Guarantee

Family Home Guarantee

Minimum deposit

5%

5%

2%

Property type

New and existing homes

Building or purchasing new homes

New and existing homes

Number of places

10,000 places

from 1 July 2021 to 30 June 2022

10,000 places

from 1 July 2021 to 30 June 2022

10,000 places

from 1 July 2021 to 30 June 2025

Borrower eligibility

Single and couple applicants

Single and couple applicants

Single parent with at least one dependent child

Purchasing history

Must be first home buyers

Must be first home buyers

First home buyers or previous home owners

For a property to be eligible it must be a ‘residential property’ – this term has a particular meaning under each of the Schemes, and Participating Lenders can assist if there is any doubt.

Couples are only eligible for the First Home Loan Deposit Scheme or the New Home Guarantee if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for these Schemes.

Applicants can be either first home buyers or previous owners who do not currently own a home. That is, the applicant must not currently have a freehold interest in real property in Australia, a lease of land in Australia or a company title interest in land in Australia.

Participating Lenders

All applications for any of the Schemes to support you to buy a home need to be made directly with one of the Participating Lenders (or their authorized representatives, i.e. a mortgage broker) for that Scheme.

NHFIC does not accept applications directly and we cannot provide personal financial advice.

If you are looking to buy a home (or advising someone who is) we encourage you to consult with a Participating Lender and seek your own independent financial and legal advice on how to structure your loan arrangements in a way that suits your own personal circumstances.

To know the list of Major Banks and Non-Major Lenders click here