First Home Loan Deposit Scheme – Now Available!
The property market is about to get even hotter / this will stimulate the already booming property market. And now is the perfect time for property developers to capture the interest of buyers who qualify for this grant, MAMA are experts in property digital & print strategy and lead generation.
From July 1, 10,000 loans will be made available over the next four financial years for Australian families. This is another solid opportunity for first home buyers to enter the property market.
What it means for buying & building a new home
First home buyers can build or purchase a new home, including:
- newly-constructed dwellings
- off-the-plan dwellings
- house and land packages
- land and a separate contract to build a new home.
Specific dates and requirements are subject to the individual property. You can view more about the new home guarantee & if you qualify by clicking here.
What it means for buying an existing built home
First home buyers can purchase an existing property under the Scheme if the applicants meet the following:
- the property is residential – this term has a particular meaning under the Scheme, and you should ask your lender if there is any doubt
- have a purchase price (and value) under the price cap for its location
- be purchased by an eligible first home buyer under the Scheme
- list you as the sole registered owner/s of the property at the settlement date for your home loan
- be a property which is (1) an established dwelling, or (2) a new-build dwelling that is purchased under a house and land package, a land and separate contract to build a home or an ‘off-the-plan’ arrangement that is financed under an Eligible Loan from a participating lender.
How can you apply
The Australian Government National National Housing Finance and Investment Corporation has all the information you need to check your eligibility, timeframes & FAQs. Be sure to check participating home loan lending organisations such as National Australia Bank and Commonwealth Bank of Australia before submitting your application.
To learn more about how complete your application, simply click here.