Westwood Conveyancing

Making Home Ownership more achievable

Australian Government 5% Deposit Scheme

Imagine unlocking the door to your very own home, sooner than you ever thought possible.

Fast-track your path to home ownership with the Australian Government 5% Deposit Scheme. The Scheme is designed for aspiring home buyers making home ownership more achievable by helping you buy sooner with a small deposit.

Help to Buy eligibility criteria

Applicants will need to meet the scheme’s eligibility criteria, which include but are not limited to:

• Being an Australian Citizen
• Being aged 18 years or over
• Not exceeding the income caps (annual taxable income):
  • Single – $100,000
  • Joint applicants/single parents - $160,000 combined
• Purchasing within the property price caps (see below)
• Having a minimum 2 per cent deposit
• Using the purchased home as their principal place of residence
• Not currently owning any other property in Australia
• Being unable to purchase the home without the assistance of the Help to Buy program
• Paying all property purchase fees and taxes (including stamp duty)
• Being able to service a mortgage with a bank participating in the Help to Buy program

Implementing the Home Guarantee Scheme

The Home Guarantee Scheme supports Australians to buy a home sooner.

The scheme consists of 3 streams:

• The First Home Guarantee – to support eligible first home buyers to buy their first home sooner, with a deposit as little 5 per cent.
• The Regional First Home Buyer Guarantee – to support eligible regional first home buyers to buy a home in a regional area.
• The Family Home Guarantee – to support eligible single parents with at least one dependent child, to buy a home with a deposit as little 2 per cent.

All 3 streams are available for applications. The Government extended the Regional First Home Buyer Guarantee and Family Home Guarantee, which were due to terminate on 30 June 2025.

The Government has committed to expanding the Home Guarantee Scheme so all first home buyers will have the ability to buy with a 5 per cent deposit. Under an expanded scheme, the Government committed to uncapping places, removing the income caps, and increasing the property price caps under all streams.

Property price caps

For more information Visit Housing Australia's Home Guarantee Scheme

Source  :  https://firsthomebuyers.gov.au/

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