Hi ,
There's been a lot of discussion about the
federal and state government policies created to address the nationwide housing crisis.
The Victorian and Federal Labor Governments have announced their respective plans to build 800,000 new homes across Victoria by 2034, and 1.2 million dwellings nationwide by 2029.
If you're in need of an affordable house to buy, that all sounds great. BUT aren't you wondering how you can afford to buy one of these brand new homes, with living costs and mortgages as high as they are?
Before you give up on the idea of EVER being able to buy a home, check out these government schemes that might just help you get a foot in the door, if you meet the criteria:
Help To Buy Bill
This is hot off the press, a new federal initiative just passed in parliament on the 28th February, 2024. This scheme will support
eligible middle to low income earners with a government equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes with lower ongoing repayments. Eligible home buyers need just a 2% deposit to participate in the scheme.
First Home Guarantee
A federal initiative administered by Housing Australia, with the First Home Guarantee part of your home loan (from a participating lender) guaranteed by Housing Australia. This means
eligible home buyers can purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
Regional First Home Buyers Guarantee
Also administered by Housing Australia, the RFHBG aims to support eligible home buyers to buy a home sooner, in regional areas.
Family Home Guarantee
And the third scheme administered by Housing Australia is the Family Home Guarantee designed to support eligible single parents or
eligible single legal guardians of at least one dependent to buy a home sooner.
Victorian Home Buyer
Fund
The Victorian Homebuyer Fund is a state initiative. It is a shared equity scheme where the Victorian Government makes a financial contribution of up to 25% of the purchase price in exchange for an equity share in the property, which participants can buy back over time. Eligible participants contribute up to 5% of the purchase price and cover costs such as stamp
duty and conveyancing fees.
If you have a small deposit saved and are looking to buy, it is worth keeping an eye out for new government initiatives that might help you to buy sooner.
