What this means for you
The Federal Budget has been released this week and it looks like 2021 is shaping up to be a big year for people wanting to buy their own home. A series of initiatives have been announced and here’s what we know so far:
- Under the Super Saver Scheme, from July 1, 2021 you can use up to $50,000 from your super towards your home loan. Previously $30,000 these funds must come from voluntary contributions which can be up to $15,000 per year.
- An additional 10,000 allocations will be made available from July 1, 2021 under the First Home Deposit Loan Scheme. This gives more first home buyers the chance to achieve home ownership with a deposit from 5% while paying no Lenders Mortgage Insurance.
- A new Family Guarantee Program will be introduced, also referred to as the Single Supporting Parent Program, allowing single parents earning less than $125,000 to start their home journey with a deposit from 2% and pay no Lenders Mortgage Insurance available form 1, July 2021.
With so much happening, the above can seem confusing – but we’re here to help guide you through your home building journey.
Enquire today, and one of our friendly Resolve mortgage brokers will contact you to discuss your unique situation and explain which program may be right for you.