The Government have now passed legislation to implement the First Home Loan Deposit Scheme. The scheme is designed to help first home buyers by providing a guarantee that will allow certain first home buyers to purchase a home with a deposit as little as 5%.

The scheme is limited to the first 10,000 first home buyers each financial year that have taxable incomes of less than $125,000 per annum for singles and $200,000 per annum for couples.

The scheme is only available to owner-occupied properties that are under certain regional price caps. For example, the price cap for a property in Sydney is $700,000 whereas Brisbane the price cap for a property is only $475,000.

For more information about the scheme and assistance with your finance feel free to get in touch with us today.