To make it easy for you to get your head around what government grants are available, who they’re for and how they work, we’ve pulled together the details you need to know – read on for more.
Alternatively, get in touch with a HomeSolution New Home Advisor here to chat about the ins and outs of grants and how you could benefit from them.
And remember, as a first time homeowner in Victoria, you may also be eligible for the First Home Owner Grant as well as a stamp duty exemption.
Help to buy
What is it?
Help to Buy is a shared equity scheme where the government will co-purchase a home with an eligible buyer, reducing the amount needed for a deposit. The government will contribute 40 per cent for new builds and 30 per cent for existing properties to applicants who have at least 2 per cent of the purchase price saved.
Who’s it for? Low to middle income earners who currently don’t own property.
How many places are available? 10,000
What’s the minimum deposit required? 2 per cent
What’s the income cap? 90k per annum for singles and 120k per annum for couples.
When it is available? Available now
Regional First Home Buyer Support Scheme
What is it? A guarantor scheme, the government will guarantee home loans so first home buyers avoid paying mortgage insurance (LMI) – saving up to $32,000.
Who’s it for? First home buyers who have been living in a regional area for at least 12 months who are permanent residents or Australian citizens. Available to Singles, defacto relationships, friends, siblings and other family members.
Number of places available? 10,000
What’s the minimum deposit required? 5 per cent
What’s the income cap? 125k per annum for singles and 200k per annum for couples.
When is it available? 1 July 2023
Download this factsheet to learn more.
First Home Guarantee
What is it? A guarantor scheme, the government will guarantee home loans so first home buyers avoid paying mortgage insurance (LMI).
Who’s it for? First home buyers who are permanent residents or Australian citizens. Available to Singles, de-facto relationships, friends, siblings and other family members.
Number of places available? 35,000 per year.
What’s the minimum deposit required? 5 per cent
What’s the income cap? 125k per annum for singles and 200k per annum for couples.
When is it available? 1 July 2023
Download this factsheet to learn more.
Family Home Guarantee (previously the FHLDS)
What is it? A guarantor scheme, the government will guarantee home loans so first home buyers avoid paying mortgage insurance (LMI).
Who’s it for? Available to single parents with one dependent child and eligible borrowers who are single legal guardians of children (such as aunts, uncles and grandparents).
Number of places available? 5,000 per year.
What’s the minimum deposit required? 2 per cent.
What’s the income cap? 125k per annum.
When is it available? 1 July 2023
Download this factsheet to learn more.
HomeSolution customers Kriselle and Elliot, who recently purchased a double-storey Alka to be built in Clyde North, are planning to apply for a range of grants – read their story here.
Ready to get started?
Browse our selection of HomeSolution by Metricon home and land packages, visit a display home or book your free consultation with a New Home Advisor here.