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First Home Buyers update post budget

Regional first home buyers support scheme

2022 Budget breakdown for first home buyers

Housing

  • The First Home Guarantee Scheme (formerly the ‘First Home Loan Deposit Scheme’) will expand to offer 35,000 places each year (up from 10,000), allowing First Home Buyers to purchase a new or existing home with a 5 per cent deposit.
  • The First Home Guarantee Scheme was extended due to escalating property prices and is only open to owner occupiers.
  • Singles earning less than $125,000 and couples with a combined income of less than $200,000 may be eligible.
  • Successful applicants to the Scheme will also be exempt from paying mandatory Lenders Mortgage Insurance (LMI).
  • Single parents may apply for the Scheme with a deposit of as little as 2 per cent to buy a first home or re-enter the property market.
  • Additionally, the government’s new Regional First Home Buyer Support Scheme (RFHBSS) will provide up to 10,000 places each year to help home buyers (including non-first and permanent residents) to purchase or build a new home in regional areas from 1 October 2022.
  • The RFHBSS benefits residents of far north Queensland, which is classified as ‘regional’.

First Home Guarantee Property Price Caps

State or territoryCapital city and regional centresRest of state
NSW$800,000$600,000
Victoria$700,000$500,000
Queensland$600,000$450,000
Western Australia$500,000$400,000
South Australia$500,000$350,000
Tasmania$500,000$400,000
Australian Capital Territory$500,000
Northern Territory$500,000

 

Regional First Home Buyer Support Scheme Property Price Caps

Eligible regionProperty price capMax. Lenders Mortgage Insurance Saving
QLD – Gold and Sunshine Coast$600,000$23,954
QLD – Other$450,000$13,384
NSW – Illawarra, Central Coast and Newcastle$800,000$31,939
NSW – Other$600,000$23,954
VIC – Geelong$700,000$27,946
VIC – Other$500,000$14,871
WA$400,000$11,897
TAS$400,000$11,897
SA$350,000$10,410
NT$500,000$14,871

 

Tax Cuts

  • Australia’s fuel excise tax has been temporarily reduced by 22.1 cents per litre until 28 September 2022.
  • Car owners can expect to benefit from the reduced tax at service stations this week (or as soon as supplies are replenished).
  • The RBA cash rate is projected to rise from next month as a result of the reduced fuel excise tax, which will increase the cost of a home loan and marginally reduce borrowing capacity.
  • More than 10 million tax-payers will receive tax relief when they submit their FY22 tax returns:
    • those earning a taxable income up to $37,000 will receive up to $675 relief;
    • those earning a taxable income from $37,001 to $48,000 will receive from $675 to $1,500 relief;
    • those earning a taxable income from $48,001 to $90,000 will receive $1,500 relief; and
    • those earning a taxable income from $90,001 to $125,999 will receive from $420 to $1,500 relief.

 

Touch base with the team to find out how this affects your personal circumstances.

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