The 2021-22 budget has now been released. There’s a lot of talk and we want to help break down the key initiatives targeting home ownership which could help you get into the property market sooner.
Family Home Guarantee
This is a newly created government scheme that will see 10,000 places made available over a four year period, this means 2,500 First Home Guarantees will be made available each year.
This scheme will provide single mums and dads with dependants the chance to build a new home or purchase an existing home with a 2% deposit without having to pay lender’s mortgage insurance, also known as LMI.
While this is a great initiative, it’s important to note that it will be a competitive market out there. With interest rates at an all time low and a mortgage broker on your side, we can help you understand your options and see if you’re eligible for this scheme.
First Home Loan Deposit Scheme (FHLDS)
Also known as the New Homes Guarantee, this scheme will provide an additional 10,000 places in this year’s federal budget.
If you have a 5% deposit, looking to build a new home or purchase a newly built home, this scheme could help you get into the property market sooner.
Of course, getting a 5% deposit for a home is easier said than done. That’s where we can help! We’ll review your situation, look at the options and provide a solution that suits you and your needs.
It’s important to note there are property price caps that vary from state-to-state for this scheme.
Again, this scheme is ultra competitive, reach out to us if you’d like to know more.
Super Saver Scheme (FHSSS)
The FHSSS scheme allows you to save money for your first home inside your super fund. In this year’s budget, the government announced that the maximum amount of money able to be released through the Super Saver Scheme has increased from $30,000 to $50,000.
Instant asset write off
Good news if you’re a business owner! The instant asset write off scheme was due to expire on June 30, 2022. However it will now continue for another 12 months, giving business owners the chance to use it for all eligible assets acquired from 7.30pm on October 6, 2020, and first used or installed by June 30, 2023.
Even though it can sound like a lot of noise, the release of the Australian budget is a good time to reflect and ponder on your own budget and goals. The team at MC Mortgage Solutions are here to help – whatever you might need. Simply call or email and let’s discuss how we can support you.