Have you heard about the First Home Guarantee Scheme and Victorian Homebuyer Fund?
There are so many grants and rebates available from the Australian Government to help you keep moving towards your homeownership goals. To help you get started, we've summarised how each incentive might benefit you. Keep reading to learn more.
First Home Guarantee Scheme
The First Home Guarantee Scheme is an Australian Government initiative to support eligible home buyers to buy a home sooner. The initiative has recently undergone some changes making homeownership more accessible.
The recent update includes:
- Expansion of eligible persons to include permanent residents in addition to Australian citizens.
- Joint application criteria expanded to include friends, siblings or other family members.
- Eligibility criteria expanded to include non-first home buyers who have not owned a property in the last 10 years.
Victorian Homebuyer Fund
The Victorian Homebuyer Fund is a shared equity scheme, aiming to make it easier for Victorians to enter home ownership.
If you have a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property.
Find out if you're eligible, and read more about this option here.