As part of the Morrison Government’s economic recovery plan to create jobs, rebuild our economy and secure Australia’s future, an additional 10,000 first home buyers will be able to purchase a new home sooner under our First Home Loan Deposit Scheme.
Our First Home Loan Deposit Scheme has already helped almost 20,000 first home buyers purchase a home this year with a deposit as low as 5 per cent.
An additional 10,000 places will be provided from 6 October 2020 to support the purchase of a new home or a newly built home.
The Government recognises that saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan.
Under the existing First Home Loan Deposit Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5 per cent.
Building on the success of the existing scheme, an additional 10,000 first home buyers will be able to obtain a loan to build a new home or purchase a newly built home with a deposit of as little as 5 per cent.
The additional guarantees will be available until 30 June 2021 and will drive more construction and support jobs as part of our Economic Recovery Plan.
Eligible first home buyers will also be able to take advantage of the Morrison Government’s First Home Super Saver Scheme and HomeBuilder, and first home buyers may also be eligible for state and territory grants and concessions.
Combined, the First Home Loan Deposit Scheme, Homebuilder and First Home Super Saver Scheme represent an unprecedented level of Government support for home buyers and the construction industry alike.