The government is expanding its first-time home buyer program, which requires only a 5% deposit and no mortgage insurance from the lender (LMI).
It plans to increase the number of seats available from 10,000 to 35,000 every year, but it comes with rules on who is eligible and how expensive the houses can be.
The budget also includes money to expand the Family Home Guarantee scheme, which, while not exclusively for first-time buyers, aims to assist single parents in purchasing their first home or re-entering the housing market. The scheme allows eligible persons to purchase a home with just a 2% deposit and not pay LMI.
Furthermore, starting October 1st, it will launch a new regional housing plan with 10,000 annual seats for first-time buyers or those who haven’t bought a home in the previous five years (including permanent residents).
This new program aims to promote construction in rural areas. To qualify, residents must either build or purchase a freshly constructed home in a selected regional area.
Plan beforehand, call us at 0426667696 or email contact@ozbroker.com.au to book a pre-qualification session to provide you the first mover advantage.
