First Home Loan Deposit Scheme: New Home Guarantee (NHG)

Details have now been released regarding the new 10,000 places released under the First Home Loan Deposit New Home Guarantee scheme.

The federal government handed down the 2020-21 budget which outlines its plan to help encourage spending and rebuild the economy following the impacts of the COVID-19 pandemic and its associated recession.

Among the measures included the commitment to make available an additional 10,000 places under the popular First Home Loan Deposit Scheme (FHLDS) which doubles the total amount of places originally made available this financial year to 20,000.

The additional 10,000 places form part of what is now being called the FHLDS New Home Guarantee (NHG) for new homes and newly built homes.

These additional allocations are available to first home buyers that are:

  • Australian citizens
  • At least 18 years old
  • Have a taxable income of up to $125,000 per annum (single applicants) or a combined taxable income of up to $200,000 per annum (couples)

Eligible properties include:

  • Newly constructed dwellings (house, townhouse, apartment)
  • Off-the-plan dwellings (house, townhouse, apartment)
  • House & land packages

(reference: www.nhfic.gov.au

Learn more about the FHLDS and its key facts including what type of property can be bought and the property price thresholds!

Book an obligation free consult here or give us a call on (08) 9367 4222 with one of our expert brokers to review your finances before the Scheme is capped.

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