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Government Schemes & Grants

MyHome Scheme (TAS only)

Formerly called HomeShare, the MyHome Scheme is shared equity program with Homes Tasmania (the State Government) managed by Bank of Us.
Effectively the Government will chip in up to $200,000 for the purchase of a branch new home OR towards a house + land package, OR up to $150,000 for the purchase of any existing property.
You do not have to make repayments on the Government contribution however they will own a portion of the home until you can either afford to refinance to buyout their share, or you sell the property (at which point they will ask for their percentage back).
This is a great scheme if you have a very limited borrowing capacity due to income and cannot quite afford to get what you need from a bank for a normal loan.

Smyth Loan Co can complete applications through Bank of Us for the MyHome Scheme.

It is a requirement that you also hold pre-approval through Bank of Us prior to being able to make any formal offers on a property.

Refer to the attached link for more info https://bankofus.com.au/my-home

Refer to link here for MyHome Key Facts Sheet https://bankofus.com.au/source-assets/images/Personal/HL/MyHome/MyHome-Fact-Sheet_1-FEB-2023.pdf

First Home Owners Grant & Duty Concessions

First Home Owners Grants & Stamp Duty Concessions are managed by State Governments & will vary depending on where you live. Smyth Loan Co will check requirements in your particular State upon your initial enquiry.

For Tasmania information can be found here – https://www.sro.tas.gov.au/first-home-owner

Basically, in Tasmania there is a $30,000 First Home Owners Grant (FHOG) available only if you buy land + build OR purchase a brand new home to live in.

The State Government have also recently announced $0 Stamp Duty will be payable for First Home Buyers over the next two years (until end of financial year 2026), backdated to 16 FEB 2024. THIS IS A HUGE SAVING! Stamp Duty will be waived for any home up to the value of $750,000 – this will cut your deposit requirements substantially!!

Note – both the FHOG & 100% Stamp Duty Waiver is only applicable for First Home Buyers. If you have owned a home previously & lived in it OR have been in a relationship with someone previously that has owned their owned home with you residing in that property, you may not qualify.


Victoria
https://www.sro.vic.gov.au/first-home-owner

New South Waleshttps://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer

ACThttps://www.revenue.act.gov.au/home-buyer-assistance

Queenslandhttps://qro.qld.gov.au/property-concessions-grants/

South Australiahttps://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer

Western Australiahttps://www.wa.gov.au/organisation/department-of-finance/fhog

Northern Territoryhttps://nt.gov.au/property/home-owner-assistance/first-home-owners

First Home Loan Guarantee Scheme

https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.

From 1 July 2023 – 30 June 2024, 35,000 FHBG places are available.

Eligibility criteria

To apply for the FHBG, home buyers must be:

  • applying as an individual or 2 joint applicants
  • an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
  • intending to be owner-occupiers of the purchased property
  • First home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years.

*The Department of Home Affairs classifies New Zealand Citizens as Permanent Residents for the purposes of citizenship applications only. This does not extend outside of this process. To verify your eligibility for the Home Guarantee Scheme, please perform a VEVO check with a participating lender.

Access the Eligibility Tool – a short questionnaire to help home buyers determine which Guarantee/s they may be eligible for.

Contact a Participating Lender for more information, including the full list of eligibility criteria.

Deposit required

Home buyers applying for the FHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit. The minimum deposit required for the FHBG is 5%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances.
Home buyers should speak with a Participating Lender to find out whether a deposit is made up of genuine savings for the purposes of their lending criteria and the FHBG.

Home buyers should confirm with their Participating Lender whether any cash grants received under other Australian Government, State or Territory schemes or programs can be considered as part of their genuine savings.

Contact a Participating Lender for more information and to discuss individual circumstances.

Property types and price caps

Under the HGS, home buyers can buy a residential property, including:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

Use the Property Price Cap Tool to look up the property price caps for each location.

Specific timeframes and criteria apply to different property types. The contract of sale and (if applicable) eligible building contract may need to be executed by specific dates.

Contact a Participating Lender for more information, including the full list of property criteria.

How to apply

HGS applications can only be made with a Participating Lender or their authorised representative (a mortgage broker). Housing Australia does not accept HGS applications or provide personal financial advice.

Home buyers (and those advising them) should consider consulting a Participating Lender and seeking independent financial and legal advice about whether a particular home loan or property, and the terms of the HGS suit personal circumstances and objectives.

Before entering into a home loan agreement, home buyers should consider talking with their lender (or broker) about the potential implications of changing interest rates or house prices on individual circumstances.

Participating Lenders

Housing Australia has authorised a panel of 33 Participating Lenders to offer the HGS to home buyers.

Notice of Assessment (NOA)

The HGS includes an income test, which is assessed by lenders using a Notice of Assessment (NOA).

Once a tax return has been processed, the Australian Taxation Office (ATO) sends a statement called the Notice of Assessment to the taxpayer’s myGov Inbox.

For HGS reservations made from 1 July 2023 to 30 June 2024, the relevant Notice of Assessment is the 2022-2023 financial year. Housing Australia advises applicants to speak to their Participating Lender to understand the risk of signing a Contract of Sale prior to obtaining the latest Notice of Assessment.

Regional Home Guarantee Scheme

https://www.housingaustralia.gov.au/support-buy-home/regional-first-home-buyer-guarantee

The Regional First Home Buyer Guarantee (RFHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

The RFHBG aims to support eligible regional home buyers to buy a home sooner, in a regional area. From 1 July 2023 – 30 June 2024, 10,000 RFHBG places are available.

Under the RFHBG, part of an eligible regional home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

For the RFHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan.  Eligibility criteria apply.

Eligibility criteria

To apply for the RFHBG, home buyers must be:

  • applying as an individual or joint applicants
  • an Australian citizen(s) or permanent resident(s)* at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
  • intending to be owner-occupiers of the purchased property
  • home buyers who have not previously owned, or had an interest in, a property in Australia or in the ten years prior to the date they execute their home loan.
  • First home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years.

*The Department of Home Affairs classifies New Zealand Citizens as Permanent Residents for the purposes of citizenship applications only. This does not extend outside of this process. To verify your eligibility for the Home Guarantee Scheme, please perform a VEVO check with a participating lender.

Access the Eligibility Tool – a short questionnaire to help home buyers determine which Guarantee/s they may be eligible for.

Contact a Participating Lender for more information, including the full list of eligibility criteria.

What is a regional area?

A regional area is defined as:

  • the Statistical Area Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city of that State or Territory; and
  • Norfolk Island; or the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands; as defined in the version published by The Australian Bureau of Statistics (ABS) in July 2016.
  • The greater capital city areas of each state and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG. Home buyers in these areas may be eligible for the First Home Guarantee or Family Home Guarantee.

Access the Regional Checker –  home buyers can enter the suburb (or postcode) of their current home and the suburb (or postcode) they would like to purchase in, to confirm if they would be eligible for the RFHBG.

Deposit required

Home buyers applying for the RFHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit. The minimum deposit required for the RFHBG is 5%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances.

Home buyers should speak with a Participating Lender to find out whether a deposit is made up of genuine savings for the purposes of their lending criteria and the FHG.

Home buyers should confirm with their Participating Lender whether any cash grants received under other Australian Government, State or Territory schemes or programs can be considered as part of their genuine savings.

Contact a Participating Lender for more information and to discuss individual circumstances.

Property types and price caps

Under the HGS, home buyers can buy a residential property, including:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

Use the Property Price Cap Tool to look up the property price caps for each location.

Specific timeframes and criteria apply to the different property types. The contract of sale and (if applicable) eligible building contract may need to be executed by specific dates.

Contact a Participating Lender for more information, including which regional areas you may be able to purchase in.

How to apply

HGS applications can only be made with a Participating Lender or their authorised representative (a mortgage broker). Housing Australia does not accept HGS applications or provide personal financial advice.

Home buyers (and those advising them) should consider consulting a Participating Lender and seeking independent financial and legal advice about whether a particular home loan or property, and the terms of the HGS suit personal circumstances and objectives.

Before entering into a home loan agreement, home buyers should consider talking with their lender (or broker) about the potential implications of changing interest rates or house prices on individual circumstances.

Participating Lenders

Housing Australia has authorised a panel of 33 Participating Lenders to offer the HGS to home buyers.

Notice of Assessment (NOA)

The HGS includes an income test, which is assessed by lenders using a Notice of Assessment (NOA).

Once a tax return has been processed, the Australian Taxation Office (ATO) sends a statement called the Notice of Assessment to the taxpayer’s myGov Inbox.

For HGS reservations made from 1 July 2023 to 30 June 2024, the relevant Notice of Assessment is the 2022-2023 financial year. Housing Australia advises applicants to speak to their Participating Lender to understand the risk of signing a Contract of Sale prior to obtaining the latest Notice of Assessment.

Family Home Guarantee Scheme

https://www.housingaustralia.gov.au/support-buy-home/family-home-guarantee

The Family Home Guarantee (FHG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible single parents or eligible single legal guardians of at least one dependent to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

The FHG aims to support eligible single parents or eligible single legal guardians of at least one dependent to buy a home, whether that single parent or single legal guardian is a first home buyer or a previous homeowner. From 1 July 2023 – 30 June 2024, 5,000 FHG places are available.

Under the FHG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to purchase a home with as little as 2% deposit without paying Lenders Mortgage Insurance.

For the FHG, any Guarantee of a home loan is for up to a maximum amount of 18% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan.

Eligibility criteria

To apply for the FHG, home buyers must be:

  • applying as an individual
  • a single parent or single legal guardian of at least one dependent (see Eligible Single Parent and Eligible Single Legal Guardian note below)
  • an Australian citizen or permanent resident* at the time they enter the loan
  • at least 18 years of age
  • earning no more than $125,000 per year
  • intending to be the owner-occupier of the purchased property
  • NOT currently owning property, or upon settlement of the guaranteed property they’re buying, not intending to own a separate property.

*The Department of Home Affairs classifies New Zealand Citizens as Permanent Residents for the purposes of citizenship applications only. This does not extend outside of this process. To verify your eligibility for the Home Guarantee Scheme, please perform a VEVO check with a participating lender.

Eligible Single Parent and Eligible Single Legal Guardian

To apply for the FHG, home buyers must:

  • be single. A person is considered single if they don’t have a spouse and/or a de facto partner. Note: a person who is separated but not divorced is not considered single
  • have at least one dependent. To have a dependent, they must be the natural parent or adoptive parent or legal guardian of:
    • a “dependent child” within the meaning of subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991; or
    • a person in receipt of a disability support pension within the meaning of the Social Security Act 1991 who lives with you.
  • they must show that they are legally responsible (whether alone or jointly with another person) for the day-to-day care, welfare and development of the dependent and the dependent is in their care.

Previous Home Ownership

FHG applicants can be either first home buyers or previous homeowners who do not intend to own a separate property upon settlement of the guaranteed property they’re buying.

Access the Eligibility Tool – a short questionnaire to help home buyers determine which Guarantee/s they may be eligible for.

Contact a Participating Lender for more information, including the full list of eligibility criteria.

Deposit required

Home buyers applying for the FHG need to have between 2% and 20% of the value of an eligible property saved as a deposit. The minimum deposit required for the FHG is 2%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances.

Home buyers should speak with a Participating Lender to find out whether a deposit is made up of genuine savings for the purposes of their lending criteria and the FHG.

Home buyers should confirm with their Participating Lender whether any cash grants received under other Australian Government, State or Territory schemes or programs can be considered as part of their genuine savings.

Contact a Participating Lender for more information and to discuss individual circumstances.

Property types and price caps

Under the HGS, home buyers can buy a residential property, including:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

Use the Property Price Cap Tool to look up the property price caps for each location.

Specific timeframes and criteria apply to different property types. The contract of sale and (if applicable) eligible building contract may need to be executed by specific dates.

Contact a Participating Lender for more information, including the full list of property criteria.

How to apply

HGS applications can only be made with a Participating Lender or their authorised representative (a mortgage broker). Housing Australia does not accept HGS applications or provide personal financial advice.

Home buyers (and those advising them) should consider consulting a Participating Lender and seeking independent financial and legal advice about whether a particular home loan or property, and the terms of the HGS suit personal circumstances and objectives.

Before entering into a home loan agreement, home buyers should consider talking with their lender (or broker) about the potential implications of changing interest rates or house prices on individual circumstances.

Participating Lenders

Housing Australia has authorised a panel of 33 Participating Lenders to offer the HGS to home buyers.

Notice of Assessment (NOA)

The HGS includes an income test, which is assessed by lenders using a Notice of Assessment (NOA).

Once a tax return has been processed, the Australian Taxation Office (ATO) sends a statement called the Notice of Assessment to the taxpayer’s myGov Inbox.

For HGS reservations made from 1 July 2023 to 30 June 2024, the relevant Notice of Assessment is the 2022-2023 financial year. Housing Australia advises applicants to speak to their Participating Lender to understand the risk of signing a Contract of Sale prior to obtaining the latest Notice of Assessment.

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