The FHLDS can only be used to purchase properties that are within certain price limits. The price limits vary depending on the location of the property, and are determined by the government in consultation with the National Housing Finance and Investment Corporation (NHFIC).
Q: What types of property can I avail using the first home buyer deposit scheme?
A:
- New Homes: If you’re interested in purchasing a new home, the FHLDS can be a great way to help you get into the property market sooner.
- Existing Homes: The FHLDS can also be used to purchase an existing home, which means you’ll be buying a property that has already been lived in.
- Townhouses: A townhouse is a type of property that’s often a hybrid between a house and an apartment.
- Apartments: The FHLDS can also be used to purchase an apartment, which is a type of property that’s typically located within a larger building or complex.
Q: Are there any property limits?
A: The FHLDS can only be used to purchase properties that are within certain price limits. The price limits vary depending on the location of the property, and are determined by the government in consultation with the National Housing Finance and Investment Corporation (NHFIC). The current price limits for properties in different regions of Australia are as follows:
- $700,000 in New South Wales
- $600,000 in Victoria
- $475,000 in Queensland
- $400,000 in Western Australia
- $400,000 in South Australia
- $500,000 in the Australian Capital Territory
- $400,000 in the Northern Territory
- $300,000 in Tasmania
It’s worth noting that the price limits are subject to change, and may be adjusted in the future based on market conditions and other factors.
In addition to the price limits, there may be other restrictions on the types of property you can purchase using the FHLDS, depending on the lender you choose to work with. For example, some lenders may only allow the FHLDS to be used to purchase certain types of property, or may have their own requirements for the condition or age of the property.
