An extension to the First Home Loan Deposit Scheme, the temporary New Home Guarantee program and the Family Home Guarantee will continue to support more Gippslanders achieve their dream of owning a home, says Federal Member for Gippsland Darren Chester.
The Federal Government has announced an additional 30,000 places for eligible applicants under the Federal Government’s First Home Loan Deposit Scheme, the temporary New Home Guarantee program, and the Family Home Guarantee.
Mr Chester said the additional places were made available from July 1, 2021.
“The First Home Loan Deposit Scheme and New Home Guarantee programs are specifically designed to support first home buyers including here in Gippsland,” Mr Chester said.
“While the Family Home Guarantee will support single parents with children, regardless of whether they are a first home buyer or previous owner occupier.
“This is great news for Gippslanders aspiring to enter the housing market and single parents looking to enter or re-enter the market to achieve the dream of owning a home.
“The changes will support more Gippslanders to take advantage of the scheme as we continue to recover from the impacts of COVID-19.
The changes include:
- 10,000 guarantees under the First Home Loan Deposit Scheme to eligible first home buyers to purchase a home with a deposit of 5 per cent;
- 10,000 New Home Guarantees to eligible first home buyers to build a new home or purchase a newly built home with a deposit of 5 per cent; and
- 10,000 Family Home Guarantees to eligible single parents with children to build a new home or purchase an existing home with a deposit of as little as 2 per cent.
The three programs are administered by the National Housing Finance and Investment Corporation (NHFIC) in partnership with a panel of participating financial institutions.
Applications should be made directly with a participating lender or an authorised representative, such as a mortgage broker.
All participating lenders have committed not to charge eligible customers higher interest rates than equivalent customers outside of the programs.
Information on how to apply, eligibility requirements and the full list of participating lenders is available on the NHFIC www.nhfic.gov.au/what-we-do/support-to-buy-a-home