The new financial year has ushered in an unprecedented level of Federal and State government support for first home buyers.
On July 1, the Federal Government opened up 40,000 new places under its First Home Guarantee Scheme, which allows first home buyers to purchase a home with a deposit as low as 2 per cent.
The new Federal Government has also announced a Help to Buy shared equity scheme, where it will help eligible first home buyers by contributing up to 40 per cent towards the purchase of a new home.
The additional support from the Federal Government comes as the NSW Government announced its First Home Buyer Choice program, which is designed to reduce the upfront cost of purchasing a property for first home buyers. It too has announced its own shared equity scheme.
Here is a summary of some of the new and existing schemes available to first home buyers: