With a number of government grants available to assist first home buyers of all kinds, the only thing standing in the way is lack of awareness. As of this year, a number of schemes have been announced by the Queensland Government to assist in supporting the states post-Covid economic recovery, along with getting Aussies into their own homes sooner. What grants are available for first home buyers? That’s what this blog is all about.

This is your informative guide to knowing what initiatives are available, and what is required to ensure your eligibility across the board. If you’re a medical professional interested in getting involved in a first home buyers scheme, reach out to the team at MediPro Capital Finance today.

As a specialised team of medico finance brokers, we know how to provide you with the right financing solution for your budget and lifestyle. Get in touch with us on 1300 375 626 today.

First Home Buyers Grant Australia

Help to Buy

The Help to Buy scheme is an initiative where the Australian Government contributes 40% of the property price for a new home, and up to 30% for an existing home. For homebuyers themselves, a 2% deposit is required, and Lenders Mortgage Insurance is not included. The best part? Homeowners do not need to pay rent on the portion of the home that the government owns and the opportunity to buy out the governments share IS available.

This scheme has been designed to assist in the longstanding affordability crisis that has hit the country, with 10,000 places available each year for eligible Australians.

Regional First Home Buyers Support Scheme

This specific grant has been created to assist regional Queensland homeowners and stimulate the regional housing sector as part of the economic recovery plan. For eligible Australians, you will receive a nice $5,000 one your purchase has been complete, or when the construction of your new home, unit, or townhouse has been complete and is valued less than $750,000.

For those who are first time owners, you may also qualify for this specific scheme.

First Home Guarantee

Launched in 2019 and previously known as the First Home Loan Deposit Scheme, the government provided 10,000 available positions for Australians to acquire a home sooner. This scheme has helped around 60,000 Australians since its launch, and with its success, the government has increased the available spots to 35,000 – allowing more Aussies to get their first home. For this scheme, you will need to pay a 20% deposit, however if you are unable to reach this deposit amount, Lenders Mortgage Insurance will get you through the door.

Family Home Guarantee

Starting from 2021, the Family Home Guarantee scheme is a first home buyers grant Australia wide that will be available for eligible participants over the next four financial years. The government is offering 10,000 positions each financial year for single parents with dependants in securing either their first family home or a new home in general. The best thing about this specific grant is that eligible individuals only need a 2% deposit and avoid Lenders Mortgage Insurance. One thing to keep in mind is that the cap on prices differs from cities to outer regional areas.

How Many Grants Can I Apply for?

If you are eligible for multiple grants, you are able to apply for them. The most important thing when it comes to knowing what grants are available for first home buyers, is whether it is feasible for you. For example, someone who is eligible for the First Home Buyer scheme can also qualify for the First Home Owners Grant.

Whether this is a loophole, it all comes down to the eligibility criteria and timelines differing for all of these initiatives. The best thing to do is speak to a specialist broker to ensure you’re taking the right and relevant steps, while not putting yourself in a challenging situation.

Things to consider:

  • When these grants are available
  • What the income cap is for each grant
  • The minimum deposit amount for each grant
  • Who the grant is for

Contact MediPro Capital Finance Today!

If you’re wanting to know more about what grants are available for first home buyers in the medical field, get in touch with us today. Thanks to our wealth of experience in providing loans for medical professionals, we know exactly what it takes to provide market leading rates that suit not only your budget but your lifestyle as well. Give us a call on 1300 375 626 today or reach out through our online form.


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