The second term of the Albanese Government will continue and expand their first term housing initiatives aimed at homebuyers and building new homes.
\nFirst home buyers have received much of the attention. Eligible first home buyers will only need a 5% deposit, while 100,000 homes available exclusively to first home buyers are planned.Information on existing schemes is available through Housing Australia, Treasury and the Australian Tax Office.
\nHowever, details and dates remain unclear for some new and expanded programs.
\n\u00a0
\nFirst Home Buyers<\/p>\n
Help to Buy scheme. A shared equity program allowing eligible first home buyers to purchase a home with the government contributing up to 40% of the property’s value. Learn more – HousingAustralia.gov.au
\nHome Guarantee Scheme. This is for eligible first home buyers, regional buyers, and single parents to purchase a home with a 5% deposit without paying Lenders Mortgage Insurance. Learn more – Supporting people into home ownership (treasury.gov.au).
\n100,000 new homes available exclusively to first home buyers. No date or location for the new homes has been confirmed.
\nFirst home super saver scheme. First home buyers can use some of their eligible voluntary super contributions to help buy a first home.\u00a0Learn more \u2013 ato.gov.au<\/p>\n
Existing Homeowners
\nFor existing homeowners looking to move, there are existing policies announced before the election that focus on increasing overall housing supply and improving affordability:<\/p>\n
National Housing Accord. This is an existing agreement between federal, state, and local governments, along with industry stakeholders, aiming to build 1.2 million new, well-located homes over five years from mid-2024.The government previously committed $3.5 billion to support state and local governments accelerate housing development and improve availability. Learn more – Delivering the National Housing Accord \u2013 Treasury.gov.au<\/p>\n
Victorian State Government schemes<\/p>\n
Victorian Homebuyer Fund: A shared equity scheme where the government contributes up to 25% (or up to 35% for eligible Aboriginal or Torres Strait Islander homebuyers) of the purchase price, allowing buyers to enter the market with a smaller deposit and without paying Lenders Mortgage Insurance. Learn more – State Revenue Office.
\nFirst Home Owner Grant (FHOG): This is a $10,000 grant for eligible first home buyers purchasing or building a new home valued up to $750,000. Learn more \u2013 State Revenue Office Victoria
\nStamp Duty Concessions: First home buyers may be eligible for stamp duty exemptions or concessions on properties valued up to $600,000, with concessions available for properties valued up to $750,000. Learn more – Apply for a first home buyer duty exemption, concession or reduction<\/p>\n
\u00a0
\nPlease note:\u00a0\u00a0Schemes and programs have eligibility criteria that determine\u00a0how they can be accessed. If you\u2019re applying, please read the information from the relevant government department or agency carefully and seek assistance to understand your obligations if successful.
\nGovernment programs are subject to change and up to date information about the policies and programs should be sought directly from the organisation administering the policy.
\n\u00a0
\nLearn more:
\nAustralian Government
\nHousing Australia \u2013 Home Guarantee Scheme
\nHousing Australia \u2013 Regional First Home Buyer Guarantee
\nHousing Australia \u2013 Help to Buy scheme
\nHousing Australia \u2013 Family Home Guarantee (single parents)
\nHousing Australia \u2013 Tools and resources
\nTreasury \u2013 Supporting people into home ownership
\nAustralian Taxation Office \u2013 First home super saver scheme
\n\u00a0
\nVictorian Government
\nHousing Victoria \u2013 Home Ownership
\nHousing Victoria \u2013 Help to buy a home
\nState Revenue Office \u2013 Buying a property
\nState Revenue Office \u2013 Homebuyer Fund
\nState Revenue Office \u2013 First Home Owner
\nState Revenue Office – Apply for a first home buyer duty exemption, concession or reduction
\n\u00a0
\nDisclaimer\u00a0
\nGrants subject to State Government eligibility rules. DFC makes no warranties or representations regarding eligibility rules or criteria for any government grants.The advice, opinions and insights of this article are general in nature and based on DFC\u2019s analysis of current market trends and government policy as of the date of publication.This article does not take into account your personal financial circumstances or objectives and may not always be entirely accurate, complete or current. We recommend speaking to an independent legal or financial advisor before making any binding decisions.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
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