From 1 July 2022, eligible buyers in Queensland can consider properties with a price tag up to $700,000 – a $100,000 increase – as part of First Home Guarantee, Family Home Guarantee and Regional Home Guarantee.
The schemes allow eligible buyers to purchase a home with as little as a 5 per cent deposit (or a 2 per cent deposit for the family home guarantee) without paying pricing lenders mortgage insurance.
It’s a pre-election move designed to win favour from home buyer voters and Prime Minister Scott Morrison was keen to highlight the perks of the popular policy.
“Saving to buy a house has always been hard work and we know as prices have increased it’s been getting harder,” he said, reported Savings.com.au.
“People are cutting years off the time they’d need to save a deposit for a home because of this program.
“These higher price caps will help more people realise their dreams and lock in a stronger future for themselves.”
Check out the new price caps to apply for the 2022-23 financial year.
- NSW, $900,000
- VIC, $800,000
- ACT, $750,000
- QLD, $700,000
- SA, $600,000
- WA, $600,000
- TAS, $600,000
- NT, $600,000
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