If you’ve been struggling to save for a home deposit but you’re eager to get into your first home, don’t worry, there are plenty of low deposit options for homebuyers, like yourself, so that you can get into a home of your own sooner.
What you need to know
First Home Owners Grant
The First Home Owners Grant (FHOG) is an awesome scheme created by the Western Australian Government to help first homebuyers, like yourself, get into a home of your own sooner.
To learn more about how you can get your hands on $10,000 towards your home, and find out if you qualify, click the button below!
Home Guarantee Scheme
The Federal Government recently announced new expansions to eligibility criteria for the Home Guarantee Schemes.
If you’re a first homebuyer, second homebuyers, single parent, permanent resident, or live regionally, these changes could mean the difference between renting and owning your own home. Check out the different Home Guarantee Schemes below to find out how you could get into your own home before you know it.
First Home Guarantee scheme*
First homebuyers – the number of places for the First Home Guarantee scheme has now increased to 35,000 spaces per year, giving more first homebuyers the chance to own your own home with just a 5% deposit*.
- 35,000 places available per year for new homes (previously 10,000)
- Government guarantees no Lenders Mortgage Insurance —you could save thousands!*
- Income limits: Single: $125k, Joint: $200k
- Property Price Cap:
- $600K WA metro, $450K WA other
- New changes mean that friends, sibling and family members can now make joint applications
- Available to Australian Citizens and Permanent Residents
Just fill out the form to get in touch to find out if you’re eligible.
Family Home Guarantee Scheme*
Single parents – changes to the Family Home Guarantee Scheme, otherwise known as the Single Supporting Parent Program, means you could see your new homeownership dreams come true with a deposit of just 2%* and no LMI.
- 5,000 places available per year for new homes
- Available to single parents supporting a family. This includes legal guardians such as grandparents, aunts and uncles
- Allows customers to borrow up to 98% (that means a deposit of only 2%!)
- No Lenders Mortgage Insurance will be charged (this could save you big bucks!*)
- Single person income limits and property value limits apply, as per First Home Guarantee (and may be subject to change for FY22/23). Other income into ‘family’ must be limited
- Available to Australian Citizens and Permanent Residents
Your dream family home can be a reality, chat to one of our team today. It’s easy! Fill in your details to check if you’re eligible.
Regional Home Guarantee Scheme*
Regional first homebuyers – homebuyers in regional areas who haven’t owned a home for the last 10 years (or ever) could get into your own home with just a 5% deposit* and no LMI– saving you big bucks! How good is that?
- 10,000 places available per year
- Allows customers to borrow 95% of the property value (that’s a 5% deposit*)
- Available to Australian Citizens and Permanent Residents
- Customers must not have owned a home in the last 10 years.
- Like the First Home Guarantee scheme, siblings, friends and family members can make joint applications
Want to find out more? Fill out you’re details to find out if you’re eligible and we’ll get in touch.
And there’s more…
Homebuyers could now use up to $50,000 from their super to put towards their home deposit.
First Home Super Saver Scheme*
This scheme allows savings to be made through your superannuation
- Funds that you can use towards a home deposit have be increased to $50,000 from $30,000
- Only voluntary saving contributions, not employer contributions, can be used
- The benefits lie in the advantageous tax treatment of the savings accumulated
Fill in your details above and we can keep you up-to-date on all you need to know.
It’s all happening in the homebuyers space. Want to know more? Chat to one of our New Homes Consultants. Together with our partners, Resolve Finance, we can help you take advantage of these new Government schemes and get into your own home sooner.
Call us on 131 751 or fill in your details above and we’ll get in touch.
Designed to help first homebuyers into a home of their own sooner, the First Home Loan Deposit Scheme (FHLDS) allows first homebuyers to borrow up to 95% of a property’s value without paying lenders mortgage insurance (LMI).
Typically, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first homebuyers can purchase or build a new home with a deposit of as little as 5 per cent. #winning
*Eligibility criteria applies
Lenders mortgage insurance (LMI) is one way to buy a property without having a 20% deposit typically required by banks and lenders.
It’s a premium that you pay the lender in exchange for them providing you with a home loan with a smaller deposit. Some lenders will provide home loans with just 5% deposit, if LMI is paid.
More questions about all the finance stuff? Talk to our partners, Resolve Finance.
They’re the experts when it comes to construction loans and all things finance. We can put you in touch with one of our amazing Resolve Finance Brokers, just fill in your details above.
*Eligibility criteria applies. Speak to one of our New Homes Consultants to see if you’re eligible.
*Eligibility at the discretion of State and/or Federal Government. Please refer to Government websites for further information: https://www.housingaustralia.gov.au/support-buy-home | www.wa.gov.au/organisation/department-of-finance/fhog | https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Scheme. Lender terms and conditions apply.
Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No.385487.