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The First Home Super Saver Scheme (FHSSS) helps Australians boost their savings for a first home by allowing them to build a deposit inside superannuation, giving them a tax cut. These contributions, along with deemed earnings, can be withdrawn for a home deposit. For most people, the FHSSS could boost the savings of a first home buyer by around 30 per cent compared with saving through a standard savings account.
The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the First Home Guarantee, eligible first home buyers can purchase a modest home with a deposit of as little as 5% (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15% of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
The Family Home Guarantee (FHG) is an Australian Government initiative that aims to support eligible single parents with at least one dependent child in purchasing a family home. 5,000 Family Home Guarantees will be made available each financial year (up until 30 June 2025) to eligible single parents with at least one dependent child, subject to their ability to service a loan. The Family Home Guarantee can be used to build a new home or purchase an existing home with a deposit of as little as 2%.