Buying Your First Home: Home Loan Deposit Scheme & Home Buyers Grant

February 28, 2020

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a new, Government-backed initiative to help Australians purchase their first home earlier than might otherwise have been possible. The First Home Loan Deposit Scheme was created to help First Home Buyers avoid having to pay for lenders insurance which can add to purchasing costs considerably. Under the Scheme, part of an eligible first home buyer’s home loan from a participating lender will be guaranteed by the National Finance, Housing and Investment Corporation. This enables first home buyers to purchase a home with a deposit of as little as 5 per cent (lender’s criteria still apply). This is limited to 10,000 First Home Buyers annually, with 5,000 of the places on the scheme being awarded to the Big 4 banks. To find out more about the First Home Loan Deposit Scheme and to see if you are eligible, click here. 

First Home Buyer’s Grant

First home buyers in Queensland are also eligible for a grant to help with the costs of building your first property (this must be brand new, not a second hand or established home). The First Home Buyers Grant is a $15,000 one-off financial grant only available to those buying their first home in Australia, who meet all the eligibility criteria. The First Home Buyer’s Grant was established to help First Home Buyers get onto the property ladder more quickly. Eligible recipients must be:

– at least 18 years old and an Australian Citizen or permanent resident

– purchasing a brand-new property under $750,000

– receiving the grant for the first time

For a full list of the terms and conditions and to find out if you are eligible, please visit the Queensland Government website here.

Buying Your First Home

Building a brand-new home and using the Government help available is a great way to get onto the property ladder. Not only can you choose a design that is perfect for you, rather than buying second hand, building your first home in a master planned development like North Harbour is a great way to use the First Home Buyers Grant and the First Home Loan Deposit Scheme to their full potential. North Harbour ticks all the boxes for a great investment in your future – excellent location halfway between the Sunshine Coast and Brisbane and plenty of local amenities, 1,000 acres of open space and parklands and heaps to do within North Harbour including Bite Markets, free yoga classes, parkrun, mountain bike trail, free fitness equipment, dog parks and more. 

Our experienced and professional Sales Team has helped many first home buyers achieve their dream of home ownership and is there to guide you throughout the process. The team is on site seven days a week, 10am-5pm and is happy to answer any questions you have and walk you through the process step-by-step. 

While you’re looking into building your first home, we suggest a few visits to our Display Village and Sales Centre armed with a list of your “must-haves”, “would-likes” and “absolutely-nots” firmly in your mind. If you’re not sure what you’re after, check out our quick guide to what to add to your home buying checklist. 

Pricewise, a brand-new home at North Harbour is more affordable than you may think, with brand new house and land packages for four-bedroom, two bathroom, homes for sale starting at an amazing $399,513. The price is even lower for first home buyers who are eligible for the First Home Buyers Grant of $15,000. You could end up paying even less for your mortgage than you currently are as a renter! Contact us to start your home owning journey today. 

Find North Harbour

The North Harbour sales team makes buying your first home easy. Contact us today to discuss the great value first home buyers house and land packages we have available. 

Our Sales and Information Centre and 31 Home Display Village are open every day from 10am-5pm including public holidays. We are located on the corner of Buckley and Fraser Drive in Burpengary East. You can also contact us online and to keep up to date with the latest news and info including stage releases, sign up for our email and SMS updates and find us on Facebook and Instagram @northharbourliving.