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First Home Loan

Deposit Scheme

What is it?

A new scheme to help eligible first home buyers into the property market.

  • Open to eligible first home buyers who have saved a deposit of at least 5% of the home’s value.
  • The Government will then guarantee the additional amount needed to reach the required 20% deposit.
  • The scheme will be capped to an annual maximum or 10,000 loans

Who is Eligible?

  • Singles earning up to $125,000.
  • Couples with a joint taxable income of $200,000.

How to apply

First Home

Owner Grant

What is it?

  • If you’re a first home buyer buying or building a new home, you may qualify for a $15,000 grant.
  • A cash grant of $15,000 can be used to contribute towards the purchase price.
  • This grant is available in conjunction with other schemes.
  • It must be a new build.

Who is Eligible?

  • The new home must be worth no more than $575,000. If buying house and land to build, the total price must be no more than $575,000.
  • You must move into the property within 12 months and live there for at least six continuous months
  • If you or your spouse have never previously received the First Home Owner Grant in any State or Territory of Australia.
  • If you or your spouse have never owned or held a relevant interest in a residential property anywhere in Australia prior to the 1st July 2000.

How to apply

  • You can seek assistance from MyChoice Home Loans when you’re arranging the finances to buy your first home.
  • If you’ve already bought or begun construction, you can apply directly with Revenue SA at www.revenuesa.sa.gov.au
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weeks-new-build-homes-adelaide-south-australia
weeks-new-build-homes-adelaide
weeks-new-build-homes-adelaide-south-australia

First Home

Super Saver Scheme

What is it?

  • A scheme that lets you make voluntary before-tax and after-tax contributions into your super fund to save for your first home.
  • You can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.
  • You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year.

Who is Eligible?

  • You must be a first home buyer and must either live in the property you are buying, or intend to as soon as is possible.
  • You have never owned a property in Australia.
  • You must not have previously requested the Commissioner to issue a First Home Super Saver
  • Scheme release authority in relation to the scheme.

How to apply

  • Request the release of funds at the same time you start your home buying activities.
  • You have 12 months from the date you request the release of funds to sign a contract or construct your new home.

First home buyers, for more info visit these government websites

First Home Loan Deposit Scheme
First Home Owners Grant
First Home Super Saver Scheme