Purchase price caps:

Who is eligible?

● Australian citizens must be 18 years of age

● Single applicants with a taxable income of up to $125,000 per annum for the previous financial year and couples (must be married or in a de-facto relationship) with a taxable income of up to $200,000 per annum for the previous financial year.

● Applicants to have at least 5% deposit.

● Loans repayments must be Principal & Interest. Interest only is eligible for construction loans.

● The property must be the first owner occupied property for applicants.

● Income :

• for individuals – your taxable income for the previous income year must not be more than $125,000, or

• for couples – your combined taxable income for the previous income year must not be more than $200,000.

● Property type must be an existing house, townhouse or apartment, a house and land package, land and a separate contract to build a home or an off-the-plan apartment or townhouse.

How to avail the scheme?

The scheme can be availed by applying through the lenders that are participating. There are only 33 participating lenders who apply for the scheme by reserving a spot on behalf of the applicants. Major lenders such as Commonwealth Bank of Australia, National Australia Bank and now Westpac are participating in the scheme.

Documents required:

• Notice of Assessment for the year ending 2023

• Copy of marriage certificate in case of joint applicants

• Copy of medicare

• First Home Owner Declaration (to be provided by brokers/ lenders)

For More Information :

●https://www.housingaustralia.gov.au/sites/default/files/2023-09/FHBG%20Factsheet.pdf

●https://www.housingaustralia.gov.au/sites/default/files/2023-09/FHBG%20Information%20Guide.pdf

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