LNP Candidate for Bowman, Henry Pike, is encouraging Redland first home buyers to take advantage of support available from the Federal Government to enter the property market sooner.
The Federal Liberal and Nationals Government’s Home Guarantee Scheme is helping first home buyers and single parent families get into their own home sooner with a deposit of as little as five per cent or two per cent respectively.
“Trying to get your foot on the property ladder has become very difficult over recent years as house prices escalate dramatically. The Federal Government recognises this challenge and is targeting support to bridge the deposit gap,” Mr Pike said.
“If you can pay the loan, the Federal Government will help you buy your first home.”
Under the scheme, the National Housing Finance and Investment Corporation guarantees the difference between an eligible first home buyers deposit and 20% of the value of the eligible property through a participating lender. With this guarantee an eligible borrower avoids paying lenders mortgage insurance.
The Morrison Government runs three streams of the Home Guarantee Scheme.
The New Home Guarantee supports purchasers building or buying a new home, with a property price cap of $650,000 for the Redlands. This program has been extended with an additional 10,000 places available this financial year and a further 10,000 every year until 2025.
The First Home Loan Deposit Scheme supports purchasers of a first home who have saved at least a 5% deposit, with a property price cap of $600,000 for the Redlands.
The Family Home Guarantee supports eligible single parents with at least one dependent child in purchasing a family home on a deposit of as little as 2%.
Together with the ‘HomeBuilder’ and the ‘First Home Super Saver Scheme’, more than 300,000 Australians have been helped into home ownership through Federal Government programs, including almost 60,000 through the Home Guarantee Scheme.
“It’s a key priority of mine to support Redland families to get that foot on the property ladder,” Mr Pike said.
“On average this scheme is reducing the amount of time local families are having to save for that goal by four years.”
Prospective first home buyers can apply for these guarantees from the Scheme’s panel lenders. For more information, visit https://www.nhfic.gov.au/what-we-do/support-to-buy-a-home