Purchasing a home for the first time can be an overwhelming ride of an emotional roller coaster that keeps going up and down. It’s a big step for any individual who wishes to start a new chapter of his life. Investing in a new home also requires a big deposit to seal the deal. However, due to the inflation in the real estate market, the prices of purchasing homes have been going really high. This issue restricts first-time home buyers from entering the real estate market.
Therefore, the Government of Australia has designed various schemes and grants that can provide home loans to individuals with the help of a finance broker in Sydney. Read on to learn about some of the major government schemes for home buyers in Australia to help you find your haven with a finance broker in Sydney.
Schemes And Grants For Home Buyers
Victorian Homebuyer Fund
The fund is responsible for helping the citizens as well as the permanent residents of Australia who do not own a home. First-time home buyers or returning homeowners are finding it easier to save for their deposit with the help of the Victorian Homebuyer Fund. It allows the first home buyers to purchase a home with a 5% deposit and, with the rest of the payments supported by the Government, a total of 25% in exchange for an equivalent share of the property.
First Home Guarantee
This scheme comes under the Home Guarantee Scheme, which is an initiative taken by the Australian Government to help eligible home buyers buy a home quickly. The Government is able to do so by letting Housing Australia issue guarantees of up to 35,000 per year to provide eligible home loans in Sydney to home buyers. This helps home buyers purchase a home with a deposit starting from 5% to 20% of the property value with the help of a finance broker in Sydney.
Regional First Home Buyer Guarantee
The Regional First Home Buyer Guarantee also comes under the Home Guarantee Scheme, which allows home buyers to purchase a home more quickly. Under the Regional First Time Home Buyer, around 10,000 places have been released from July 20203 for the financial year up to June 2025. The released places help eligible regional home buyers buy an existing or new home with the help of a finance broker in Sydney.
First Home Owner Grant
State governments, or at least most of them, have a first home owner grant system of their own. The scheme has been around for a while now. For example, in Victoria you can be eligible to get $10,000 when you purchase or build a new home. However, many first-home owner grants have a limit on the purchase price, which has to be under $750,000, but it can change according to the state. You can contact your finance broker in Sydney to check the details of the scheme in different states.
First Home Super Saver Scheme
It has been a few years since this scheme has been around. First Home Super Saver Scheme enables individuals to save some bucks for their first home within their super fund.
The ATO, in 2017, permitted home buyers under this scheme to make voluntary contributions to their super funds before and after taxes with the aim of saving some deposit for their new home. The contribution can be accessed later from your account for the deposit.
These are some of the schemes that you can keep in mind as you seek home loans in Sydney. The government has taken several initiatives to help people who don’t own homes. There are also several lending options for people who wish to go for rentvesting and its benefits, for which they can contact a finance broker in Sydney and find a perfect lending solution for themselves.
