New first home loan scheme and price caps for the 2022 financial year

New first home loan scheme and price caps for the 2022 financial year

A total of 30,000 places are available under the First Home Loan Deposit Scheme range.

As of 1 July, 10,000 additional places are available for the 2021-22 financial year under each of the FHLDS, the New Home Guarantee and the Family Home Guarantee initiatives.

The federal government has confirmed new property price caps for the First Home Loan Deposit Scheme (FHLDS) and the Family Home Guarantee, which apply from 1 July 2021.

New price caps

Are as follows:

 

 

 

 

 

 

The capital city price thresholds apply to regional centres with a population over 250,000, “recognising that dwellings in regional centres can be more expensive than other regional areas”.

Regional centres include Newcastle and Lake Macquarie; Illawarra (Wollongong); Geelong; Gold Coast and Sunshine Coast.

New Home Guarantee extension.

The New Home Guarantee will now have a construction commencement timeframe of 12 months.

Its price caps remain the same, and are as follows:

Now is the time to contact a participating bank or mortgage Broker to reserve a spot and make a start on your application.