The Morrison Government will release an additional 30,000 places to eligible applicants under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee from 1 July 2021.
\nSince the introduction of the First Home Loan Deposit Scheme and New Home Guarantee, almost 30,000 Australians have been able to enter the housing market.
\nAs announced in the 2021-22 Budget, the Government will establish the Family Home Guarantee to support single parents with dependants, subject to the passage of legislation.
\nStarting 1 July 2021, 10,000 guarantees will be made available to eligible single parent families to build a new home or purchase an existing home with a deposit of as little as 2 per cent.
\nAssistant Treasurer and Minister for Housing Michael Sukkar said that the new places will assist Australians in achieving the aspiration of home ownership.
\n\u201cThe First Home Loan Deposit Scheme has been a landmark success of the Morrison Government since its commencement in 2020. 30,000 first home buyers have been supported into home ownership through First Home Loan Deposit Scheme and New Home Guarantee already,\u201d Minister Sukkar said.
\n\u201cWe know how difficult it can be to buy a new home or re-enter the housing market, and that saving a deposit is the hardest part of getting into home ownership. That\u2019s why the Morrison Government has established the new Family Home Guarantee, which recognises the challenge of saving for a deposit is that much more difficult when you are a single parent with children.
\n\u201cBy supporting single parents and their children, we are helping them achieve the security and dignity that home ownership provides.
\n\u201cThrough our First Home Loan Deposit Scheme and the New Home Guarantee Program, the Morrison Government is helping more first home buyers and single parent families overcome the challenges of saving for a deposit and realising the Australian dream of owning your own home.
\n\u201cWith the 30,000 new places available from 1 July, now is the time for potential applicants to contact a participating bank or mortgage provider and get their applications underway.\u201d
\nThe New Home Guarantee commenced on 6 October 2020 as a temporary expansion of the First Home Loan Deposit Scheme. It will provide an additional 10,000 places for first home buyers seeking to build a new home or purchase a newly built dwelling with a deposit of 5 per cent and a construction commencement timeframe of 12 months.
\nTo ensure that people can continue to purchase a home, as well as accommodate larger families under the Family Home Guarantee, the Government is also announcing the new property price caps under the First Home Loan Deposit Scheme.
\nThese new property price caps will also apply to the Family Home Guarantee, while the same property price caps apply under the New Home Guarantee:<\/p>\n