First Homeowners Grants and Deposit Scheme Explained
Written by Colin Mason
With so many Government Incentives around these days and in particular the latest updates on the FHLDS, I wanted to highlight the important parts as I have been fielding several enquiries on this the past month.
Queensland First Homeowner Grant (FHOG) $15,000
This grant is available for new homes. The home purchased or being built must be new and valued at less than $750,000 and this includes the land. It is important to note that most lenders will consider the FHOG as part of the buyer’s deposit.
First Home Loan Deposit Scheme FHLDS (Existing Home Grant)
On the Sunshine Coast in Queensland, the home purchased must be for owner-occupation and be valued at $600,000 or less. Applicants must have between 5% – 20% deposit to qualify and must have never owned OR had an interest in a home before. They must also have earned $125,000 or less last financial year as a single applicant OR $200,000 last financial year or less as a couple.
First Home Loan Deposit Scheme FHLDS (New Home Grant)
On the Sunshine Coast in Queensland, the home purchased must be for owner-occupation and for $650,000 or less. The home must be new, for example, off the plan, newly constructed, house and land packages. Applicants must have between 5% – 20% deposit to qualify and must have never owned OR had an interest in a home before. They must also have earned $125,000 or less last financial year as a single applicant or $200,000 last financial year or less as a couple.
First Home Loan Deposit Scheme FHLDS (Single Parents)
On the Sunshine Coast in Queensland, the home purchased must be for owner-occupation and for $600,000 or less. The home can be existing OR it can be brand new. The applicant must be single and have at least one dependent child. They must also have a minimum deposit of 2% to qualify and do not have any other interest in the property currently. To qualify the applicant must have earned $125,000 or less last financial year.
It is important to note that under the FHLDS schemes mentioned above, the Government will provide a guarantee for up to 18% (depending on the scheme) to ensure that the applicants do not pay the cost of Lenders Mortgage Insurance. A MASSIVE SAVING!
If you are seeking finance or brokerage advice please get in touch and let the team and Mason Financing help you.
