This article is from the Australian Property Journal archive
THE federal government will extend the New Home Guarantee scheme with an additional 10,000 places and at the same time, raising the property price cap in response to booming real estate prices.
On the weekend, the National Housing Finance and Investment Corporation (NHFIC) announced 10,000 First Home Loan Deposit Scheme (FHLDS) places will be available to eligible first home buyers for the 2021-22 financial year, while the New Home Guarantee has been extended with additional 10,000 places available from 1 July 2021 to 30 June 2022 for eligible first home buyers purchasing a new home.
The New Home Guarantee will now have a construction commencement timeframe of 12 months.
The government has also raised the FHLDS price cap across Australia.
Master Builders Australia CEO Denita Wawn said this will help more people to own their first home.
“The release of 30,0000 new places in the highly successful First Home Loan Deposit Scheme, New Home Loan Guarantee and the Family Home Guarantee will boost the economic security of thousands more people, including single parents, and continue to accelerate the recovery.
“We know that the deposit gap is the greatest barrier to people owning their first home.
“Lifting the price caps for these schemes will also make them more accessible to more people and that’s a very good outcome,” Wawn said.
