First Home Buyer Options In 2024
There’s no doubt that getting into the housing market can be difficult for first home buyers. However there are a number of grants and schemes that can help make the task a little easier.
First Home Guarantee – 5% Deposit for First Home Buyers
Previously known as the First Home Deposit Scheme, the First Home Guarantee is a federal government scheme helping a limited number of first home buyers purchase a property with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).
- 5% Minimum deposit required
- 35,000 places available for FY2023-24
- Individual and joint applicants
- Maximum purchase prices apply
Regional First Home Buyer Guarantee
The RFHBG aims to support eligible regional home buyers to buy a home sooner, in a regional area.
- 5% Minimum deposit required
- 10,000 places Available for FY2023-24
- Individual and joint applicants
- Applicants must intend to be owner-occupiers of the purchased property.
- Income limits and maximum purchase prices apply
Family Home Guarantee
The Family Home Guarantee is a Government initiative that aims to support eligible single parents with dependants in purchasing a family home.
- 2% Minimum deposit required
- Available with participating lenders only.
- Must be a single parent with at least one dependant.
- Applicants must intend to be owner-occupiers of the purchased property.
- Income limits and maximum purchase prices apply
- Applicants must intend to be owner-occupiers of the purchased property.
First Home Owner Grant – (all states except ACT)
- Most states offer a grant of between $10,000 and $30,000 for first home buyers.
- Each state has different requirements that need to be satisfied.