Help To Buy Scheme

On 27 November 2023, the Federal Government announced its “Help to Buy Scheme“.

This is an Australian government initiative designed to assist first-time home buyers.

It is one of several government grants and incentives for Geelong home buyers.

It offers a shared equity arrangement where the government contributes a significant portion towards the purchase price of a property. This reduces the buyer’s mortgage requirement and makes homeownership more accessible, especially for those with limited savings. The scheme allows buyers to purchase a property with a lower deposit and is intended to address the challenges faced by first-time buyers in the housing market.

The “Help to Buy Scheme” in Australia significantly aids first-time homebuyers. It offers up to 40% equity contribution for new homes and 30% for existing ones, significantly reducing the initial financial burden. Additionally, the scheme requires a minimum 2% deposit from homebuyers and provides the advantage of lower ongoing repayments, offering substantial long-term financial relief.

For detailed information about the Help to Buy Scheme, including specific eligibility criteria and application processes, contact us or refer to the official website.