The Australian government offers a number of schemes and programs to help people purchase their first home. These schemes are designed to make it easier and more affordable for first-time buyers to enter the property market and achieve their goal of homeownership. In this article, we will explore some of the most popular government schemes available to first-home buyers in Australia.
First Home Loan Deposit Scheme (FHLDS) The First Home Loan Deposit Scheme (FHLDS) is a federal government initiative that helps first-home buyers purchase a home with a deposit of as little as 5%. Under this scheme, the government acts as a guarantor, allowing eligible borrowers to secure a home loan with a lower deposit than would normally be required.
First Home Owner Grant (FHOG) The First Home Owner Grant (FHOG) is a one-off payment provided by the government to eligible first-home buyers. The amount of the grant varies from state to state, and is designed to help cover some of the costs associated with purchasing a home, such as stamp duty and legal fees.
The First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme (FHSSS) is an Australian government initiative that was introduced in 2017. It allows eligible first-home buyers to save for a home deposit through their superannuation fund, taking advantage of the tax benefits associated with superannuation. Under the scheme, first-home buyers can make voluntary contributions to their superannuation fund, up to a limit of $15,000 per financial year and $30,000 in total. These contributions can then be withdrawn, along with associated earnings, for the purpose of purchasing a home. By making these contributions through their superannuation fund, first-home buyers can benefit from lower tax rates compared to regular income, and can potentially save thousands of dollars towards their home deposit.
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