Standing by its pledge that a Labor government would help more people get into the housing market, the Albanese Government recently announced the expansion of the Home Guarantee Scheme.

As of, 1 July 2022, the Scheme has expanded to include:

• 35,000 places each financial year to support first home buyers to purchase a home with a deposit of as little as 5 % (the First Home Guarantee); and
• 5,000 places each financial year to support single parents with dependents to purchase a home with a deposit of as little as 2 % (the Family Home Guarantee).

Reflecting recent increases in property prices and to make more properties available for purchase using the Scheme property price caps have been updated:

• New South Wales – capital city and regional centre: increased from $800,000 to $900,000.
• New South Wales – other: increased from $600,000 to $750,000

Further information on the scheme, including eligibility criteria and the full list of participating lenders, is available from the National Housing Finance and Investment Corporation website.

The Federal Government is also planning to introduce in 2023 its ‘Help to Buy’ scheme and provide targeted support to Australians living in regional areas though a new Regional First Home Buyer Support Scheme.

NSW State government support to buy a house

The NSW government is also continuing to help new home owners with its two grants aimed at first home buyers:

• First Home Owner (New Homes) Grant

A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home. Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated. More details here.

• First Home Buyer Assistance scheme

Under this scheme, a first home buyer, may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether. This scheme applies to buying an existing home, buying a new home and vacant land on which you intend to build a home. More details here.

With help from these grants, potentially more people will be eligible for finance and will be looking to own their own home. And of course, this means, potentially there will be more buyers at the lower end of the market, meaning more people may be interested in looking to sell and move up the ladder.

If you’re thinking of selling, or would just like to know what your property could get in today’s market, contact us for a free, independent and non-obligatory quote. Our experienced team will also give you tips and ideas so you can get the best from your property.

Find out more about our services can help you by ringing 02 4954 8833, or send us an email to mail@apnewcastle.com.au. You can also see us at our Cardiff office.

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