What Benefits Can First Home Buyers in Sydney Receive?

What Benefits Can First Home Buyers in Sydney Receive?
Saving and buying first home in Sydney can be a stressful task. It can take time to save for a house deposit and need planning, so you can get closer to your goal of purchasing a new house so you can call it your own. You may be surprised to know that if you are a single father or mother with one dependent child below 18 years old, you can buy your home with a 2% home deposit. On the other hand, if you are buying a home for the first time, you need to pay only a 5% deposit. To walk you through the home-buying process, Star Homeloans can help you. In today’s blog, we’ll discuss what benefits you can receive for being a first-time home buyer:

Sydney First Home Buyer Grants and Support

At Star Homeloans, our sole purpose is to educate people who are buying their first home and make them understand the buying process. When buying a house in Sydney for the first time, you may have to deal with industry professionals to get the right advice. When it comes to industry professionals, you should look no further than Star Homeloans in Australia. If you are ready to buy your first home or doing a bit of research, you need to know what government grants are available for the first-time home buyer and how much you could save. Take a look at the following grants that home buyers for the first time can access:
  • First Home Owner Grant in Sydney A first home buyer grant (FHOG) of $10,000 is available to those first-time home buyers who are 18 years old or above. Price limits may apply to your first house to be eligible for the FHOG in Sydney. However, other conditions apply too:
  1. Each candidate must be at least 18 years old
  2. At least one buyer must be an Australian citizen or permanent resident
  3. <span”>You or your partner must not have owned a home prior to 1 July 2000 or got a First Home Owner Grant in Australia.
  • Home Guarantee Scheme It is also referred to as the First Home Loan Deposit Scheme, which offers an opportunity to  Sydney first home buyers to secure a home loan with only a 5% deposit. The Australian Government guarantees the rest 15% of the deposit and helps first-home buyers to buy their first home without paying LMI. The scheme has 35,000 places each financial year.
  • Family Home Guarantee This scheme offers support to single parents with dependents to buy a home sooner. Under this scheme, a single mother or father is eligible to buy a home with only a 2% deposit with no Lenders Mortgage Insurance (LMI). This scheme is accessible to eligible applicants through the financial year 2025.
  • Regional First Home Buyer Scheme According to this scheme, the Australian government will help 10,000 Australians a year who live in a regional area can purchase their first home with a 5% deposit. First time home buyers in Sydney can buy a home with a 5% deposit of the property value and the government will guarantee the rest 15%, which allows borrowers to avoid paying Lenders Mortgage Insurance. In the January 2023, this scheme will start.

How Can You Apply for These First Home Buyer Government Grants?

First of all, you need to make sure you are eligible for the government scheme for which you are applying. Each scheme has slightly different eligibility criteria so you have to check whether you are eligible for that particular scheme or not prior to submitting your application. Basically, you can apply for these government schemes at the same time, as you are applying for a home loan. However, if you are planning to access any of the aforementioned government schemes, you can reach Home Star Home loans. We can help you at every step of the home loan process and access government grants.
Conclusion
There are various  first home buyers in Sydney looking to buy their first home but find it difficult because of the house deposit. However, if you are worried about your house deposit, then you don’t need to worry about it anymore, we are here to help you buy your first home with a deposit of as little as 5% or 2% (conditions apply). We are a Sydney-based home loan broker, but it doesn’t mean we are only restricted to Sydney, if you are from another city or state, you can contact us for home loan and mortgage solutions. Other Useful Links:-
1) First home buyer home loan Sydney
2) Refinance home loan broker Sydney
3) Personal loan finance broker Sydney