First Home Owner Grant Brisbane, Doubled to $30000

• applying as an individual or 2 joint applicants
• an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
• at least 18 years of age
• earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
• intending to be owner-occupiers of the purchased property
• First home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years.
• Applicants must have a deposit of between 5% and 20% of the property’s value
• Your maximum property purchase price is subject to the suburb and postcode of your new property. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool

Under the HGS, home buyers can buy a residential property, including: 

• an existing house, townhouse or apartment 
• a house and land package 
• land and a separate contract to build a home 
• an off-the-plan apartment or townhouse. 

For more information about the other schemes available to First Homeowners, please see Support to buy a home – NHFIC

Yes, you can. The Home Guarantee Scheme can be combined with other state and territory-based home buying assistance programs such as the First Home Owners Grant. 

Eligible first home buyers can apply for Home Guarantee Scheme through participating Lenders. Your expert Brisbane Home Loans Broker will assist you with this during the application process. Usually, First home buyers apply for a scheme reservation during the Pre-Approval process with their preferred lender.

Currently, there is 30,000 scheme places available to assist first home buyers. Contact your Brisbane Home Loan Specialist for assistance in available places as we near the end of the financial year.

Please see the link for up-to-date property caps.  Please note it is best to access these via the link as they may change from time to time. https://www.housingaustralia.gov.au/support-buy-home/property-price-caps 

Please use the link to ensure you are receiving the most up-to-date information https://www.housingaustralia.gov.au/participating-lenders 

Yes, you can apply as an individual applicant, however some state grants may ask  whether your spouse/partner has ever received a grant which could impact your ability to meet their criteria.

There are several other fees that you will incur when you purchase your first home. You need to check with your Conveyancer and Broker/Lender as to what those will be. However, generally these include Conveyancing/Legal fees, Building Inspection, Transfer fees, mortgage registration fees, Council rates adjustment, and possibly a Borrower application fee.

Each Lender has their criteria for what savings they will class as genuine savings. The general rule of thumb is that genuine savings refers to the savings that you have been able to save and accumulate in your bank account over the past three months. 

Haven’t be able to do that? Well, no worries, as some lenders may allow you to use a 12 month rental ledger from a licensed real estate agent as a way to prove your genuine savings. Your Brisbane Home Loans Expert will provide you with detailed advice about each Lender’s requirements

Yes. However, Participating Lenders may apply their own additional criteria for loans offered under the Schemes. In addition, not all Participating Lenders will offer the same home loan products. Your Brisbane Home Loans Broker is a Product Specialist who will guide you through this process so that you are aware of additional criteria for each lender before you decide.

Yes.  While you can reserve a place for the scheme, all lenders will require the land to be titled before issuance of an NHFIC guarantee – meaning that the land will need to be titled prior to the end of your 90-day pre-approval period.

Yes. The Home Guarantee Scheme may be combined with the Qld First Homeowners Grant.

No. If you currently own land or any residential property in Australia, then you are not eligible for the Home Guarantee Scheme.

FAMILY HOME GUARANTEE (FHG)

This scheme has been set up to support eligible single parents who have at least one dependent child and wish to purchase a family home with as little as a 2% deposit. Please see this site for more information. Family Home Guarantee – Overview (nhfic.gov.au)