Saving for a traditional 20% deposit can feel impossible, but you might not have to wait. Under the federal shared equity initiative, eligible buyers can secure a home with as little as a 2% deposit.
The government contributes up to 30% for an existing home or up to 40% for a brand-new build in exchange for an equity share in the property.
This lowers your loan amount, shrinks your monthly mortgage repayments, and completely eliminates the need for expensive Lenders Mortgage Insurance (LMI).
Saving for a traditional 20% deposit can feel impossible, but you might not have to wait. Under the federal shared equity initiative, eligible buyers can secure a home with as little as a 2% deposit.
The Australian Government 5% Deposit Scheme can help eligible first home buyers purchase or build a home with a deposit of as little as 5%, without paying Lenders Mortgage Insurance (LMI). With no income caps and higher property price limits under the current scheme.
The First Home Super Saver (FHSS) Scheme allows eligible first home buyers to make voluntary contributions to their superannuation and later withdraw eligible amounts to help purchase or build their first home. You can potentially access up to $50,000 of eligible voluntary contributions, plus associated earnings, subject to the scheme’s rules and limits.
Get into your new home sooner with Boost to Buy. Buying your first home may be closer than you think.
The Queensland Government’s Boost to Buy scheme helps eligible first home buyers purchase a new or existing home with a deposit starting from just 2%, while the Queensland Government contributes up to 30% of the purchase price of a new home through a shared-equity arrangement.
Get up to $30,000 towards your new home. Eligible first home buyers in Queensland may receive a $30,000 First Home Owner Grant when buying or building a new home valued at less than $750,000, including land.
