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First Home Buyers – Did You Know?!

First home buyers, you could own your own piece of luxury/custom built on 5% deposit

As of July 1st 2020, the Federal Government has opened up 10,000 more spots for first home buyers looking to crack the Australian property market with a minimal deposit. Known as the First Home Buyer Deposit Scheme, the benefit allows first-time buyers to put down just 5 percent deposit for a property with the government acting as guarantor for an additional 15 percent, so that the usual Lenders Mortgage Insurance is not required – Big savings!
As of January 1 this year 10,000 applications – for couples and singles alike – were made available, with a second 10,000 made available July 1 2020, for the 20/21 financial year. It’s a promising initiative for those looking to buy or build, but industry research has found that as many as eight-in-ten first home buyers don’t understand what the scheme is or if they are eligible to take advantage of it.


First Home Loan Deposit Scheme Price Caps:

In order to access one of the 10,000 First Home Loan Deposit Scheme applications, the property you are purchasing/building must fall below a certain threshold.
These are:
State/territory: Capital City/Regional Centre: Rest of State:
NSW $700,000 $450,000
Vic $600,000 $375,000
Qld $475,000 $400,000
ACT $500,000 N/A

There are a few other grants to be taken advantage of. This includes the new HomeBuilder Scheme,which you can read about here, and the First Home Owners grant.

Contact your Local David Reid Homes Office today to talk about your eligibility!



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