In today's competitive property market, aspiring homeowners often face the daunting challenge of saving for a substantial deposit. Fortunately, various government schemes aim to alleviate this financial burden, offering a lifeline to Australian’s striving to enter the property market. Let's delve into the key grants available below.

First Home Guarantee Scheme

For eligible buyers, the First Home Guarantee Scheme presents an invaluable opportunity to purchase or build a home with minimal deposit requirements.

“With as little as a 5% deposit, , aspiring eligible first homeowners can sidestep the hurdle of lenders' mortgage insurance, making homeownership more accessible than ever before” Synergy Mortgage Broker’s Director Brendan Philp said.

Regional Home Guarantee Scheme

While the Regional Home Guarantee Scheme offers a similar lifeline to aspiring homeowners in regional areas.

Under this scheme, eligible buyers can secure a home with just a 5% deposit, with the added advantage of a guarantee from Housing Australia.

“By eliminating the need for lenders' mortgage insurance, this scheme further supports regional home buyers to take the leap into homeownership and invest in their local communities” Brendan added.

Family Home Guarantee Scheme

For single parents with dependents, the Family Home Guarantee Scheme provides a much-needed helping hand. With the National Housing Finance and Investment Corporation (NHFIC) guaranteeing up to 18% of the property's value, eligible participants can enter or re-enter the housing market with a minimum 2% deposit.

“This scheme opens doors to homeownership that might otherwise seem out of reach for families to date and is not limited to first home buyers” Brendan said.

Help to Buy Scheme

Designed to expedite entry into the housing market, the Help to Buy Scheme offers eligible applicants a significant boost towards their homeownership goals. The scheme reduces the loan required to purchase the property with the government providing an equity contribution of 30% for existing homes and 40% for new homes, enabling them to buy or build a home sooner than they ever imagined possible. Making the scheme even more accessible, eligible participants will only require a 2% deposit.

“Excitingly, Queensland has been the first state to pioneer the initiative with the scheme to commence in 2024”.

"These government schemes represent an opportunity for aspiring homeowners to overcome a number of financial barriers and enter homeownership with confidence”, Brendan concluded.

Queensland First Home Concession

The Queensland First Home Concession provides an avenue for eligible individuals to obtain significant savings on transfer duty when acquiring their first home.

“By meeting the specified criteria, qualified applicants can benefit from a reduced transfer duty amount, potentially saving up to $15,295” Brendan said.

This concession serves as a valuable initiative aimed at easing the financial burden associated with purchasing a first home, making homeownership more achievable for Queensland residents.

 Queensland First Home Owners Grant

Another state specific contribution, the Queensland First Homeowner Grant initiative is designed to provide financial assistance to eligible individuals purchasing or building their first home in the state.

“Qualified applicants stand to receive $30,000 towards the purchase or construction of their new home. This grant applies to a wide range of properties, including new houses, units, and townhouses, offering flexibility for homebuyers” Brendan added.

Whether you're a first-time buyer, a regional resident, a single parent, or simply in need of assistance to enter the property market, exploring these grants could be the key to unlocking your path to homeownership.

Contact the team at Synergy Mortgage Brokers today to discuss these grants and if you’re eligible.