From 1 July 2021, an additional 30,000 places will be made available to eligible applicants under the Coalition Government’s First Home Loan Deposit Scheme, the temporary New Home Guarantee program, and the Family Home Guarantee.
- 10,000 guarantees under the First Home Loan Deposit Scheme to eligible first home buyers to purchase a home with a deposit of 5 per cent;
- 10,000 New Home Guarantees to eligible first home buyers to build a new home or purchase a newly built home with a deposit of 5 per cent; and
- 10,000 Family Home Guarantees to eligible single parents with children to build a new home or purchase an existing home with a deposit of as little as 2 per cent.
The First Home Loan Deposit Scheme and New Home Guarantee programs are specifically designed to support first home buyers, while the Family Home Guarantee will support single parents with children, regardless of whether they are a first home buyer or previous owner occupier.
In expanding the First Home Loan Deposit Scheme and New Home Guarantee and introducing the Family Home Guarantee, the Coalition Government continues to ensure that people aspiring to enter the housing market and single parents looking to enter or renter the housing market can achieve the dream of home ownership.
The three programs are administered by the National Housing Finance and Investment Corporation (NHFIC) in partnership with a panel of participating financial institutions. Applications should be made directly with a participating lender or their authorised representatives, such as a mortgage broker.
All participating lenders have committed not to charge eligible customers higher interest rates than equivalent customers outside of the programs.
Information on how to apply, eligibility requirements and the full list of participating lenders is available on the NHFIC website.
Supporting more Australians achieve getting into their first home is a key priority for the Coalition Government as Australia continues its recovery from the COVID recession.