#EveryoneNeedsAPlan: Government Assistance for Help to Buy a Home

The federal government has introduced a law into the parliament that would provide assistance to eligible persons to buy a home

• It's not law yet so exact details can't be confirmed
• It's likely there will be an eligibility criteria but what that will be has not been confirmed
• The government proposes to contribute 30% of the purchase price for existing homes and 40% for new homes
• The buyer will likely need to have 2% cash savings to contribute to the purchase
• There will likely only be limited grants provided on a yearly basis
• It's likely no Lenders Mortgage Insurance would be payable if approved under the scheme
• It's proposed the federal government would a part owner in the property but could be paid out at a later date
• It's likely that the scheme will commence sometime this year (2024)

If you need assistance buying your home, don't hesitate to contact us for a an obligation free appointment to discuss your requirements.