Buying your first home is everyone’s dream. Not only is it a place for you and your family to live in, but an asset backed investment which grows over time. Your first home gives you confidence and a sense of achievement of your goals. While one may qualify for the mortgage, not everyone has the required deposit and hence, sometimes achieving this objective, remains a distant dream.
However, the good news is there are several government schemes and grants available for homebuyers in Australia. What’s even more exciting for new home buyers is that Home Strikers will help you identify the properties which qualifies for various schemes and help you buy your dream home. With us by your side, buying a home is not a distant dream anymore.
Eligibility for Government Schemes and Grants
Although the government offers several schemes and grants for home buyers, there are specific criteria to be eligible for these schemes. But don’t worry, at Home Strikers we can help you find out what schemes you are eligible for and how to make the best use of the grants available to you. For this, let us look at the eligibility criteria that apply to most schemes. They are as under:
First Home Loan Deposit Scheme:
This scheme is a government’s initiative to help you buy your first home with only 5% deposit and no Lenders Mortgage Insurance (LMI). There are fixed spots for this scheme every year and for FY 2021-22 there are 10,000 FHLDS Spots.
The eligibility criteria for this scheme are:
- All applicants must be First Home Buyers and must not have owned or had an interest in residential property (whether as an investment or owner occupied).
- Individual applicants must have earned less than $125,000 or $200,000 for couples in the last financial year (as evidenced on your ATO Notice of Assessment).
- Couples must be married or in a de facto relationship. Other persons buying together, including friends, siblings or a parent/child are not eligible.
- All applicants must be at least 18 years of age and have a valid Medicare card (or Defence ID).
- All applicants must be Australian citizens with either a valid Australian passport or proof of Australian citizenship. Permanent residents are not eligible.
- Your purchased property must be an acceptable property type and within the property price threshold for the suburb and postcode.
Family Home Guarantee:
This scheme helps single parents buy a family home with a deposit of as little as 2% and no Lender’s Mortgage Insurance (LMI). Both first home buyers and previous home-owners can apply.
The eligibility criteria for this scheme are:
- Applicant must be an Australian citizen, aged 18 years or over. Permanent residents aren’t eligible.
- Applicant must be a single parent with at least one dependent living with you
- Applicant should have earned $125,000 or less last financial year
- Applicant cannot currently own a home, but you can have owned a home before.
- Applicant should have at least a 2% deposit to contribute towards your property purchase.
- The single parent must be the only name listed on the loan and the certificate of title.
First Home Super Saver Scheme:
This scheme enables you to use voluntary contributions from your superannuation to put towards your deposit, helping you to buy your first home sooner.
The eligibility criteria for this scheme as below:
- You should not have owned property in Australia before
- You must be an Australian citizen of 18 years of age or over
- You must not previously have funds released from superannuation under this scheme
- The maximum amounts you’re able to contribute under this scheme are:
- $15000 per financial year, and
- $30000 in total.
Besides these schemes, there are specific grants and waivers available to help you buy your first home. They are as under:
- First Homeowner Grant:
This is a one-off grant to purchase or build a new home. To be eligible for this grant, you must:
- Not have owned property in Australia before
- Be aged 18 years or over, an Australian citizen, or a permanent resident
- Be an owner-occupier and not a residential investor
Certain criteria can differ from state to state, and hence Home Strikers can help you understand what scheme suits you the best and in which location.
- Stamp Duty:
One of the major factors that affects overall property cost is stamp duty. It is essential to understand the stamp duty costs and how they will affect the overall cost of your home. Stamp duties vary from state to state and territories, so you need an expert and Home Strikers can definitely help you find the right amount of stamp duty payable as well as the reductions you can claim. However, you have to fulfill the following criteria for this:
- You must buy or acquire property within Australia
- You must meet all the eligibility criteria for your state or territory
With all the above schemes and grants to help you, buying a home is easier than before. However, you need an expert by your side to tackle the nitty-gritties of the home-buying procedure. That’s where the expertise of Home Strikers comes to your help. We have helped many people in their home buying journey.
If you wish to know how we help your home buying journey effortless and stress-free, call us today on (02) 9062 3246. Our home experts will guide you to your perfect home.
