THE HON. GREG HUNT MP
Federal Member for Flinders
Minister for Health and Aged Care
THE HON. MICHAEL SUKKAR MP
Assistant Treasurer, Minister for Housing
Minister for Homelessness, Social and Community Housing
JOINT MEDIA RELEASE
MORE SUPPORT FOR first home buyers and single parents with CHILDREN
30,000 additional places under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee are now available for first home buyers and single parents across the Mornington Peninsula from July 1st, 2021.
The First Home Guarantee (First Home Loan Deposit Scheme), the New Home Guarantee and the Family Home Guarantee will each support 10,000 eligible Australians to purchase a home with government guaranteed loans through participating lenders.
Eligibility criteria for each program is as follows:
Family Home Guarantee:
- Minimum 2% deposit
- Income cap – $125,000 per annum
- Property Price Caps (Varies on Purchase Location)
- Eligible Single Parent Families with Dependant/s
First Home Guarantee:
- Minimum 5% deposit
- Income cap – $125,000 per annum or $200,000 per annum for couples
- Property Price Caps (Varies on Purchase Location)
- Can be an established dwelling
- Eligible for First Home Buyers
New Home Guarantee:
- Minimum 5% deposit
- Income cap – $125,000 per annum or $200,000 per annum for couples
- Newly-constructed Dwellings
- Property Price Caps (Varies on Purchase Location)
- Eligible for First Home Buyers
All eligibility requirements and facts here:
https://www.nhfic.gov.au/media/1686/family-home-guarantee-fact-sheet-19-june-2021.pdf
Federal Member for Flinders, the Hon. Greg Hunt MP said it’s fantastic to see more first home buyers and single parents with children have opportunities to enter the housing market.
“The Morrison Government is helping more people on the Mornington Peninsula achieve this security and dignity that home ownership provides,” Minister Hunt said.
“With the 30,000 new places available from today, now is the time for potential applicants to contact a participating bank or mortgage provider and get their applications underway.”
“Owning a home is such an important life step that provides security and dignity; which is why it’s so important that first home buyers and single parents across the Mornington Peninsula are able to get their foot in the door of the property market.”
Since the introduction of the First Home Loan Deposit Scheme and New Home Guarantee, 30,000 Australians have been able to enter the housing market.
Assistant Treasurer and Minister for Housing Michael Sukkar said that the new places will assist Australians in achieving the aspiration of home ownership.
“The 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,” Minister Sukkar said.
“We 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’s 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.
Starting July 1st 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.
The 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.
-ENDS-