The new First Home Buyer Scheme allows first time buyers to purchase a home with a minimum deposit of 5% with the Government acting as a guarantor for the loan. Eligible singles can earn up to $125,000 and couples up to $200,000. First home buyers can also withdraw super contributions of up to $30,000 as a single or $60,000 as a couple to put towards the 5% deposit. Not all properties will qualify for the scheme which is capped at 10,000 participants per year and there is no maximum property value, which is dependent on region.

1. The New Government First Home Buyer
Scheme - What You Need to Know

2. “The federal government has launched a new initiative to assist people
enter the housing market for the first time by underwriting home loans,
here’s what you need to know.”
Start Date: 1 January, 2020
Eligibility: Singles earning less than
$125,000, couples less than $200,000
Minimum Deposit Required: 5%
Property Price Cap: Dependent on region
Administering Body: National Housing
Finance and Investment Corporation (NHFIC)

3. The new scheme allows first home buyers to purchase a home with
as little as 5% deposit.
Once you have demonstrated your eligibility, the Government
acts as a guarantor for the loan and you will not pay Lenders
Mortgage Insurance (LMI).
The Government says you could save around $10,000 on
LMI as a result.
If you take out a home loan under the scheme, you will
also receive support for the duration of the loan.
How does it work?

4. “The First Home Buyers Scheme can also be used alongside the current
First Home Super Saver Scheme, here’s how.”
If you have made voluntary super
contributions (of up to $15,000 per financial
year), you can withdraw that money to take
advantage of the government’s 5% deposit
offer.
The limit you can withdraw is $30,000 for
singles and $60,000 for couples.

5. Am I eligible for the new scheme?
To be eligible, first home buyers must
show that they have saved at least 5%.
The government has capped the number
of homebuyers it will support at 10,000
per year.
Not all properties will be eligible to be
purchased under the government’s home
deposit scheme.
There is no fixed maximum value for
properties eligible under the scheme.

6. What do I do next?
Call Steve Mac
Let the knowledge and experience of
property industry specialist Steve Mac
guide you on the path to first home
ownership.
Contact Steve on 0412 224 228 - get the
ball rolling before the scheme starts on
January 1, 2020.
Sit back, relax and watch your home
ownership dream come true.