Grants and Schemes

Like its name suggests, the First Home Loan Deposit Scheme (FHLDS) is designed to support eligible first home buyers to get into a new home sooner.

This Australian Government initiative allows first home buyers on low and middle incomes to purchase a home with just a 5% deposit, and avoid paying lenders mortgage insurance. So, if you’re struggling to provide a substantial deposit, the FHLDS might be for you!

Important information:

• You must be a first home buyer to apply for the FHLDS.
• Property price thresholds are $400,000 for capital cities and regional centres, and $300,000 for the rest of the state.
• You must be an Australian citizen aged 18 years or older.
• You must earn no more than $125,000 a year (single) or $200,000 a year (combined income).
• You must intend to live in the property as an owner-occupier.
• The FHLDS is a guarantee, not a cash payment or deposit for your home loan.

You can find out more information on the First Home Loan Deposit Scheme fact sheet.

Only a limited number of FHLDS places will be available between July 2021 and June 2022, so be sure to check if you’re eligible.

The Family Home Guarantee is an Australian Government Initiative helping to support eligible single parents to purchase a family home. This Guarantee is available to all home buyers, whether you’re a first home buyer or previous homeowner. If eligible, it will allow you to build a new home or purchase an existing home with a deposit of just 2% or more.

Important information:

• You can be a first or second home buyer to access this Guarantee.
• You must be a single parent with at least one dependent child, and you must be either single, divorced or widowed.
• The property eligibility thresholds are $500,000 for capital cities and regional cities, and $400,000 for the rest of the state.
• You must be an Australian citizen aged 18 years or over.
• You must earn no more than $125,000 a year.
• You must intend to live in the property as an owner-occupier.
• The Family Home Guarantee is not a cash payment or deposit for your home loan.

You can find out more information on the Family Home Guarantee fact sheet.

Only 10,000 Family Home Guarantee places will be available over four financial years from 1 July 2021 to 30 June 2025. Check to see if you’re eligible today so that you don’t miss out on this opportunity!

The Federal HomeBuilder and WA Building Bonus grants were government incentives first introduced in June 2020 to help stimulate the economy during the COVID-19 pandemic.

Consumers who signed building contracts between 4th June 2020 and 31st December 2020 were eligible to apply for $25,000 in federal grants and $20,000 in state grants, which totalled a huge $45,000 in government incentives.

The Federal Government then announced an extension to the Federal Homebuilder program in November 2020. This extension applied to new building contracts signed between 1st January 2021 and 31st March 2021 at a reduced incentive of $15,000.

The HomeBuilder and Building Bonus grants have now ended, but there are still plenty of other grants available. Make sure to ask your lender about any extra support you can receive – because it all goes a very long way.