The 2021/22 fiscal year is now underway and that means that many government programs and initiatives have been given the green light to go ahead.
For anyone seeking to enter the property market, some welcome news is that price caps for homes bought under the First Home Loan Deposit Scheme, New Home Guarantee, or Family Home Guarantee have increased from July 1st 2021.
In Melbourne and Geelong, price caps under these schemes will rise from $600,000 to $700,000. Further information about current price caps across Australia can be found on this page of the National Housing Finance and Investment Corporation (NHFIC) website.
The First Home Loan Deposit Scheme and the New Home Guarantee each have 10,000 places available for eligible applicants between 1 July, 2021 – 30 June, 2022. The Family Home Guarantee will be allocated 10,000 places each year over the four financial years to 30 June, 2025. Further details about these schemes can be found on this page of the NHFIC website.
Those eligible for these government schemes may want to apply sooner rather than later. As Kate Burke reported last week, “the first 5000 spots with the big banks were snapped up in just over a month last year”.
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