The government will increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme from $30,000 to $50,000.From 1 July 2022, eligible individuals will be able to release up to $50,000 (currently $30,000) under the scheme to assist with the purchase of their first home. Voluntary contributions made from…
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Knowing it takes a long time to save a deposit to buy a home, the Morrison government announced some great news for first home buyers. In 2020, they are introducing the First Home Loan Deposit Scheme which will help first home buyers get into the property market a lot faster than they would have. To be…
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Lenders will ask for evidence of what they term “genuine savings” when you apply for a home loan. Genuine savings are funds that the potential borrower has saved gradually over a period of time, generally three to six months.This gives the bank confidence that the prospective borrower can make regular payments consistently. Each lender will have…
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