The Australian Government has released 35,000 new First Home Buyer Guarantee scheme places today (1st July 2022).
First home buyers who meet the below eligibility can now purchase a property in metropolitan Melbourne for up to $800,000 with a 5% deposit plus stamp duty costs.
To apply for the FHBG, applicants must be:
- applying as an individual or couple (married / de facto)
- an Australian citizen(s) at the time they enter the loan
- at least 18 years of age
- earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
- intending to be owner-occupiers of the purchased property
- first home buyers who have not previously owned, or had an interest in, a property in Australia
Under the FHBG, a property must be a ‘residential property’ to be considered eligible. Eligible residential properties include:
- an existing house, townhouse or apartment
- a house and land package
- land and a separate contract to build a home
- an off-the-plan apartment or townhouse
Use the postcode search tool to look up the property price caps for each location.
People looking to buy a home (and those advising someone who is) should consider consulting with a Participating Lender and/or Mortgage Broker, and seek independent financial and legal advice about whether a particular home loan or property, and the terms of this scheme suit personal circumstances and objectives.
For more information, please visit the National Housing Finance and Investment Corporation website First Home Guarantee – Overview (nhfic.gov.au).