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.
|Region||Price 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|
|Queensland—capital city and regional centre||$700,000|
|Western Australia—capital city||$600,000|
|South Australia—capital city||$600,000|
|Australian Capital Territory||$750,000|
|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?
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?
|Property Price||Government Fees||Deposit incl fees||LMI Savings|