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#EveryoneNeedsAPlan: Government Assistance for Help to Buy a Home

Posted by Dean McKinnon on 31 January 2024

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.

Author:Dean McKinnon
Tags:Property

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