June 24, 2021
HIGHLIGHTS | What it means for property.
First-home buyers struggling to save a deposit as property prices surge have received further help through expanded home ownership measures in the federal budget.
From 1 July, 2021:
New Home Guarantee
A further 10,000 places under the New Home Guarantee in 2021-22, specifically for first home buyers seeking to build a new home or purchase a newly built home with a deposit of as little as five per cent.
Family Home Guarantee
10,000 guarantees will be made available over four years to eligible single parents with dependants to build a new home or purchase an existing home with a deposit of as little as two per cent, subject to an individual’s ability to service a loan.
First Home Super Saver Scheme
The maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme will increase from $30,000 to $50,000.
For more information, visit the Government’s official website regarding budget information at https://budget.gov.au/ or contact us on the below:
Cairns: (07) 4051 4422
Brisbane: (07) 5428 2100