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The National Housing Finance and Investment Corporation has announced that the 30,000 new spots for the Australian's government's deposit schemes are now up for grabs.
The First Home Loan Deposit Scheme will provide 10,000 places for the financial year 2021-2022. This scheme supports eligible first-home buyers by guaranteeing up to 15% of the deposit requirement.
The other 10,000 places will be for the New Home Guarantee, which, is specifically for eligible first home buyers building or buying a new home with a deposit of as little as 5%.
The remaining slots are for the Family Home Guarantee, which is a support scheme for eligible single parents with at least one dependent child. The 10,000 slots be made available over four financial years. Successful applicants can buy a new or existing home with a deposit of as little as 2%.
The NHFIC recently released the new property price caps for the First Home Loan Deposit Scheme. These price caps will also apply for the Family Home Guarantee.
Adrian Kelly, president of Real Estate Institute of Australia, said saving a deposit is the hardest part of getting into homeownership, and these new places for the deposit scheme will help ease that issue.
"We urge eligible applicants to contact a participating bank or mortgage provider and get their applications underway," he said.
Applications for these three schemes can be made through participating lenders or mortgage providers.
