The Price Caps Have Increased on Government-Backed Schemes
Price caps on the First Home Buyer Scheme, the First Home Loan Deposit Scheme (FHLDS) and Family Home Guarantee will increase from 1 July 2021.
The change comes after criticism that the caps were too low, especially as average house prices in NSW have broken $1 million.
First home buyers will still require a minimum of 5% genuine savings and those eligible for the Family Home Guarantee (Single Parents) need 2% saving.
Capital city price thresholds apply to regional centres with a population over 250,000. Regional centres include – Newcastle and Lake Macquarie; Illawarra (Wollongong); Geelong; Gold Coast and Sunshine Coast.
The New Home Guarantee caps remain the same, but there are new places available and there is a new construction commencement timeframe of 12 months.
FIRST HOME LOAN DEPOSIT SCHEME AND FAMILY HOME GUARANTEE PROPERTY PRICE CAPS, EFFECTIVE 1 JULY 2021 |
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| CAPITAL CITY | REST OF STATE | |
| NSW | $800,000 | $600,000 |
| VIC | $700,000 | $500,000 |
| QLD | $600,000 | $450,000 |
| WA | $500,000 | $400,000 |
| SA | $500,000 | $350,000 |
| TAS | $500,000 | $400,000 |
| ACT | $500,000 | – |
| NT | $500,000 | – |
If you’d like to find out more about the scheme and your eligibility, speak to Mortgage Rate Finder team today.
Talk to our team today!
