February 16, 2023

Loans, Grants and Schemes to look at when buying a home

Schemes to look at when buying a home

Loans, Grants and Schemes to look at when buying a home

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Buying a property can come with a heavy financial burden and home buyers often scour the net for ways to reduce this burden. However, sometimes there are just too many different schemes and platforms to search from that it can be difficult to not get overwhelmed.

So we’ve compiled a list of the various loans, grants and schemes that buyers can check out when planning their purchase.

First Time Home Buyers If this is your first time trying to buy a house, these schemes could help you to finance the big purchase:

<a href=https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Scheme/#Eligibilityandconditions>First Home Super Saver Scheme (FHSSS)</a>- This scheme allows eligible individuals to withdraw money from their super fund to help pay for their new house and has a limit of $15,000 per financial year up till a total of $50,000.

<a href=https://www.huntergalloway.com.au/home-guarantee-scheme/#:~:text=The%20First%20Home%20Guarantee%20Scheme%20(FHBG)%2C%20previously%20known%20as,Lender's%20Mortgage%20Insurance%20(LMI).>First Home Guarantee Scheme (FHGS)</a> - This scheme allows eligible individuals to purchase a house with a deposit as low as 5% and without having to pay Lender’s Mortgage Insurance (LMI).

<a href=https://qro.qld.gov.au/property-concessions-grants/first-home-grant/>First Home Owner Grant</a> - This grant gives eligible individuals $15,000 towards buying or building their first home in Queensland.

Other Home Buyers If this is not your first time buying a house, these schemes and grants could still be applicable to you:

<A href=https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-state-housing-loan>Queensland State Housing Loan</a> - This loan helps eligible individuals to finance the government-owned property they are renting.

<a href=https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-housing-finance-loan>Queensland Housing Finance Loan</a> - This loan is primarily for eligible individuals who are able to afford a home but unable to receive private finance from banks or building societies.

<a href=https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/mortgage-relief-loan>Mortgage Relief Loan</a> - This is an interest free loan that provides short-term aid to eligible applicants who are struggling to repay their home loan for reasons including unemployment, accident, illness or any other unexpected or unforeseen crisis.

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