Attention first home buyers! Price caps increase for 5% deposit scheme

Property price cap increases

The new property price caps below don’t just apply to the Home Guarantee Scheme.

They’ll also apply to the Family Home Guarantee for single parents, in which 5,000 spots will be allocated next financial year.

NSW capital city and regional centres: $900,000 (up from $800,000)

Rest of state: $750,000 (up from $600,000)

VIC capital city and regional centres: $800,000 (up from $700,000)

Rest of state: $650,000 (up from $500,00)

QLD capital city and regional centres: $700,000 (up from $600,000)

Rest of state: $550,000 (up from $450,000)

WA capital city and regional centres: $600,000 (up from $500,000)

Rest of state: $450,000 (up from $400,000)

SA capital city and regional centres: $600,000 (up from $500,000)

Rest of state: $450,000 ( up from $350,000)

TAS capital city and regional centres: $600,000 (up from $500,000)

Rest of state: $450,000 (up from $400,000)

ACT capital city and regional centres: $750,000 (up from $500,000)

NT capital city and regional centres: $600,000 (up from $500,000)

The capital city and regional centre price thresholds apply to areas with a population over 250,000 people, including ​​Newcastle, Lake Macquarie, Illawarra (Wollongong), Geelong, Gold Coast and Sunshine Coast.

Get the ball rolling today

Places in these schemes are generally allocated on a first-come, first-served basis.

And don’t let the expansion to 35,000 spots lull you into a sense of complacency – they’ll get snapped up fairly quickly.

So if you’re a first home buyer or single parent looking to crack into the property market sooner rather than later, get in touch today and we can explain the schemes to you in more detail and help check if you’re eligible.

And when the spots do become available over the next few months, we’ll be ready to help you apply through a participating lender.

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