So the major change is around the removal of price caps for “first home loan scheme”. And an increase in the price caps for the “first home grant”
Who can apply?
- Single income less than $95k before tax in the past 12 months
- Two or more incomes less than $150k before tax in the past 12 months
- Single income less than $150k before tax in the past 12 months, with dependent/s
First Home Loan
Home loan applications with less than a 20% deposit is somewhat limited by the central banks “speed limit rules”. This means the banks are only allowed a certain number of clients. However under the 1st Home Loan scheme participated by only certain banks, we can get be exempt from this rule.
Basically means its easier to buy with less than a 20% deposit.
