Which government housing grant is best for you?
Housing affordability and access to the property market is one of the big policy commitments of the Albanese led ALP government.
Under the ‘Help to Buy’ scheme, which was announced a few days before the federal election, the government will put up a 30% equity for existing property or 40% for a new property that you want to buy.
A 30% - 40% cash injection to buy your property of choice is a massive help, particularly for those who are looking for affordability at the mid to lower-end of the property market.
In a nutshell, there are four government grants that will help first home buyers get into the property market. Here they are:
· Help to Buy
· Regional First Home buyer support scheme
· Home Guarantee – first home buyers
· Family Home guarantee
“This is an interesting time for a lot of Australians, particularly for those who want to get into the property market,” Carla Nesci, Lending Specialist at Wealthi.
“These grants will mean big savings for many people and eligibility for those in the mid to lower income brackets – the younger generation who need help to get started,” Nesci added.
If you want to know more about the different government housing grants and which one will be best for you, contact the Wealthi team here.