Make the most of increased caps and move into your dream home sooner
With caps increased from July 1, more and more first home buyers are now able to make good use of the Federal Government's 5 per cent no Lenders Mortgage Insurance (LMI) scheme.
Since 2020, The First Home Loan Deposit Scheme (FHLDS) has helped thousands of budding home owners get into the property market sooner.
This year, the good news is that single parents with dependent children can also look to benefit from higher price caps, which also applies to the government’s new Family Home Guarantee scheme.
Below you can see a summary of how much money you can spend while still remaining eligible to qualify for the FHLDS and Family Home Guarantee Scheme (FHGS).
- New South Wales: $800,000 (Sydney, Newcastle/Lake Macquarie, Illawarra) and $600,000 (rest of the state).
- Victoria: $700,000 (Melbourne and Geelong) and $500,000 (rest of the state).
- Queensland: $600,000 (Brisbane, Gold Coast, Sunshine Coast) and $450,000 (rest of the state).
- Western Australia: $500,000 (Perth) and $400,000 (rest of the state).
- South Australia: $500,000 (Adelaide) and $350,000 (rest of the state).
- Tasmania: $500,000 (Hobart) and $400,000 (rest of the state).
- ACT: $500,000.
- Northern Territory: $500,000.
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