Unlocking Your First Home: What the First Home Scheme Changes Mean for You

FROM 1st October, big changes to the Federal Government’s First Home Buyer Scheme come into effect, opening the door for more Australians to enter the property market sooner. For first home buyers, this means greater access to assistance, the chance to buy with a smaller deposit, and specific benefits for those looking to build in regional areas like Geelong, Ballarat, Bendigo and the Bellarine. With the dream of home ownership often challenged by rising prices and cost-of-living pressures, these updates could be the boost you’ve been waiting for.

So, what exactly has changed – and how can you take advantage of it?

Higher limits make the scheme more accessible.

Income caps have been removed, allowing more individuals and couples to qualify, regardless of earnings.

The scheme also continues to manage demand with a limited number of places available each year, helping ensure support is fairly allocated to eligible buyers.

Property price caps have been increased to reflect local market conditions, making it easier to find a suitable home within your budget. This is particularly beneficial for those looking to purchase in growing regional areas like Geelong, Ballarat, Bendigo, or the Bellarine, giving you a real chance to step onto the property ladder sooner.

Smaller deposits, bigger opportunities.

One of the most powerful elements of the scheme is the ability to buy with as little as a 5% deposit, without paying lenders’ mortgage insurance (LMI). This means you could save tens of thousands of dollars and step into your new home sooner. For many, it bridges the gap between renting and home ownership faster than ever before.

Where Simonds Comes In

Simonds Homes have been helping Australians into their homes for more than 75 years. They know that the first step can feel daunting, which is why we see it as our role to guide you through the process. From selecting the right design to ensuring your home works for both your lifestyle and budget, our team is here every step of the way.

Discover homes designed with first home buyers in mind; affordable, practical, and built with the same quality and care we’re known for nationwide. Whether you’re looking to build in Geelong, Ballarat, Bendigo or along the Bellarine, we have a range of options to help you make the most of the scheme’s benefits.

Trusted Finance Guidance

While the scheme offers an exciting opportunity, navigating finance can feel complex. That’s where Simonds trusted finance partner, Loan Gallery, steps in. Their team of specialists understand the ins and outs of the First Home Buyer Scheme and can help you determine your eligibility, secure pre-approval, and guide you on the best path forward. Together, Simonds and Loan Gallery aim to make your first home journey as smooth and stress-free as possible.

Ready to Take the First Step?

With the scheme changes now in place, there has never been a better time to explore your options. The dream of home ownership may be closer than you realise – and Simonds, alongside Loan Gallery, is here to help make it a reality.

Request your free finance check at simonds.com.au/loan-gallery to understand how you can make the most of the First Home Guarantee.

//SPONSORED CONTENT