AUTHOR: Derrick Evans
One of the biggest wins for prospective homeowners out of the recent Federal Budget announcement was the extension of the First Home Buyers Scheme as of July 1, 2021.
The scheme, which will see nationwide allocations of 10,000 places for existing homes and a further 10,000 places for new builds, means that eligible participants will be able to save as much as $14,000 in mortgage insurance right here in North Queensland.
Despite the welcome news of this scheme being extended, prospective applicants need to ensure they’re across the criteria needed in order before applying.
For both new builds and existing properties, applicants will need to prove themselves against eligibility factors including, but not limited to:
- Citizenship status
- Price of purchase
- No prior ownership of property, including vacant land.
As proved with similar funding schemes in the past, it’s safe to say that the allocated spots won’t last too long so it’s important to make sure that you have all your ducks in a row come July. Ensure you’re tax ready, to give yourself the best chance of success, as you do need to be approved to be able to purchase your notice of assessment from the 2021 financial year.
Additionally, not all lenders or banks are participating in the scheme, but here at AAA+ Financial Solution, we have relationships with the two major banks that are participating and a number of the minor banks that are planning on getting involved.
Over the last few years, we’ve been successful when assisting many first-time buyers achieve their dream of home ownership through these schemes.
If you’re interested in finding out your eligibility, or need help in preparing your application, contact the expert team at AAA+ Financial Solutions on 07 4779 0662.