One of the most common questions first home buyers ask our brokers is, “what is the minimum deposit I need to buy my first home?”.
Well, good news! There are currently a number of government-backed schemes making it far easier to buy a home with limited savings.
First home buyers with a 5% deposit could access the First Home Loan Deposit Scheme (FHLDS) or New Home Guarantee. Single parents with dependant children may need as little as 2% deposit with the Family Home Guarantee.
These schemes can shave years off the time you require to save a deposit, allowing you to progress your property goals and buy your home ahead of schedule.
There are many similarities between the schemes, so we’ve pulled together some tables for you to compare and see which scheme you may qualify for.
FHLDS | New Home Guarantee | Family Home Guarantee | |
---|---|---|---|
Minimum deposit | 5% | 5% | 2% |
Property type | New and existing homes | Building or purchasing new homes | New and existing homes |
Number of places | 10,000 places from 1 July 2021 to 30 June 2022 | 10,000 places from 1 July 2021 to 30 June 2022 | 10,000 places from 1 July 2021 to 30 June 2025 |
Borrower eligibility | Single and couple applicants | Single and couple applicants | Single parent with at least one dependent child |
Max borrower income | Singles up to $125,000 p.a, couples up to $200,000.pa for previous financial year | Singles up to $125,000 p.a, couples up to $200,000.pa for previous financial year | $125,000 p.a. for previous financial year |
Purchasing history | Must be first home buyers | Must be first home buyers | First home buyers or previous home owners |
That ‘first home feeling’ has never been easier to get!
The maximum property price you can purchase under these schemes varies from region to region. Check out the table below to see the relevant prices in the area you’re looking to buy in.
Region | FHLDS & Family Home Guarantee | New Home Guarantee |
---|---|---|
NSW – capital city, regional centres (Newcastle, Lake Macquarie & Illawarra) | $800,000 | $950,000 |
NSW – other | $600,000 | $600,000 |
VIC – capital city, regional centre (Geelong) | $700,000 | $850,000 |
VIC – other | $500,000 | $550,000 |
QLD – capital city, regional centres (Gold Coast & Sunshine Coast) | $600,000 | $650,000 |
QLD – other | $450,000 | $500,000 |
WA – capital city | $500,000 | $550,000 |
WA – other | $400,000 | $400,000 |
SA – capital city | $500,000 | $550,000 |
SA – other | $350,000 | $400,000 |
TAS – capital city | $500,000 | $550,000 |
TAS – other | $400,000 | $400,000 |
ACT | $500,000 | $600,000 |
Northern Territory | $500,000 | $550,000 |
Jervis Bay Territory & Norfolk Island | $550,000 | $600,000 |
Christmas Island & Cocos (Keeling) Island | $400,000 | $400,000 |
These schemes opened on July 1st, 2021 and only offer 10,000 places each financial year, so you’ll need to be quick to avoid missing out. A Nectar broker can fast-track this process for you by guiding you through all of your applications, getting your documentation organised and seeking the right finance from a panel of lenders to buy your home.
Get in touch with us today to get started.
For more details about the schemes, you can download our handy guides below.
For more first home buyer resources, head over to our first home buyer page.