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First Home Loan Deposit Scheme

First Home Loan Deposit Scheme

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The First Home Loan Deposit Scheme is changing, and it is now getting easier for a first home buyer to find a place in the scheme. The Federal Government announced some key changes that will increase the property price cap and make more places available.

So what is changing?

From July 1 2022, the following changes will occur:

  • The First Home Loan Deposit Scheme will be known as the First Home Loan Guarantee
  • The First Home Loan Guarantee will now have 35,000 places available. This is 25,000 more places for the financial year.
  • Property prices are increasing to the following amount – so you can now buy more realistically priced properties.
RegionPrice cap from July 1 2022
New South Wales—capital city and regional centre$900,000
New South Wales—other$750,000
Victoria—capital city and regional centre$800,000
Victoria—other$650,000
Queensland—capital city and regional centre$700,000
Queensland—other$550,000
Western Australia—capital city$600,000
Western Australia—other$450,000
South Australia—capital city$600,000
South Australia—other$450,000
Tasmania—capital city$600,000
Tasmania—other$450,000
Australian Capital Territory$750,000
Northern Territory$600,000
Jervis Bay Territory and Norfolk Island$550,000
Christmas Island and Cocos (Keeling) Islands$400,000

How do I qualify for the New Home Guarantee?

New Home Guarantee

Home Loan Broker What If We Finance advises the following key criteria must be met:

  • All applicants and spouses must be Australian Citizens. The scheme is not open to non-citizens
  • Single applicants can earn up to $125,000 per annum and joint applicants $200,000
  • This must be your first home.
  • You must satisfy the lending criteria of the bank.

How much deposit do I need?

You will need 5% of the purchase price plus Government fees. The following guide details the required minimum deposit for Victoria and potential savings:
Property PriceGovernment FeesDeposit incl feesLMI Savings
$400,000$1,220$21,220$13,684
$500,000$1,512$26,512$17,102
$600,000$1,746$31,746$20,552
$700,000$26,693$61,693$23,940
$800,000$45,284$85,284$27,360
While the above is a guide only the savings are substantial, and the New Home Guarantee is a scheme that should be explored.

Is a genuine deposit required?

genuine deposit required
Banks typically want to see 5% of the property value saved over 3 months. This is referred to as genuine savings. Your mortgage broker can assist if you do not meet this requirement and are paying rent on time.

How do I participate in the scheme?

Mortgage Broker Melbourne has helped many customers with the First Home Loan Deposit Scheme and our experience and availability 7 days a week means we can help you buy your dream home sooner than you think. Contact Us to find out more.

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Thank you Spiro and Agnes for helping with the purchase of my first home. I needed to arrange finance quickly and Spiro did a fantastic job letting me know the best options for me and pushing to get the pre-approval so I didn't miss out on purchasing my home. Everything went very smoothly, thanks for helping make my first property purchase straightforward.
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Anita Naughton
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As a first home buyer I had very limited knowledge on what I needed to do. I searched for a broker and What if we finance stood out due to reviews. I had my first session with Spiro and never looked back! The whole process was seamless, I felt supported and could always connect with Spiro when needed. Spiro and Agnes are experts in what they do and I would highly recommended anyone looking for finance to choose What if we finance. I will be a lifelong customer and look forward to buying our next house with their support.
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Spiro & his team did a great job by getting my loan sorted in time. I would recommend them to family & friend. Great work guys much appreciated.
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Spiro and Agnes provided great help and advocacy in getting us our home loan. We felt they were always available and were super efficient in getting it all done on time! The process was so simple and without stress thanks them both.
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Irish Azcuna
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I can’t thank Spiro and Agnes enough for making my first home purchase so efficient, stress-free and seamless! If I could give more than 5 stars I would. As a first home buyer applying for one or the government’s schemes, my situation would have been so complicated that I never imagined being able to complete the process in such a short time. Spiro’s in-depth knowledge, invaluable and always-available support, and genuine willingness to help get me the right mortgage for my situation, made everything possible. His pragmatic advice even helped me decide on the right property for us, which would help us achieve our long-term goals. I highly recommend Spiro and his team. We will definitely engage their service again for our next property. They are the best!
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