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Home Loans Scheme For Low Income Earners In Nsw

By Author: Declan Murphy
Total Articles: 13

Just because you’re on a limited income, doesn’t mean that homeownership is out of reach. All kinds of Australians, from single parents to retirees, from Centrelink recipients to Housing NSW tenants, have bought a home of their own and with careful management of their budget, are on their way to achieving their goals.

If you are low-income earner, renting, let alone buying, a home is tough enough in most cities. While federal, state and local programs exist to help prospective low-income homeowners, each plan tends to cater to households at various income levels. In most cases, you qualify for home-buying assistance if your income is significantly less than your area's median. Just how much varies by program and the area in which you wish to buy a home. The following options are important topics to be analyzed before you get a loan if you are low-income earner.

Families and Children/Family Tax Benefit

Family Tax Benefit. Family Tax Benefit (FTB) is a payment that helps eligible families with the cost of raising children. It is made up of two parts:

● FTB Part A – is paid per-child and the amount paid is based on the family’s circumstances.

● FTB Part B – is paid per-family and gives extra help to single parents and families with one main income. The FTB Part B supplement is part of the annual rate of FTB Part B per family. The supplement is only available after the end of the income year once FTB has been reconciled.

Child Support

Child support is a payment made by one or both parents to the other to help with the cost of looking after the children. In some situations, it may be paid by one or both parents to another person who is looking after the children.

Parents can make agreements about child support or they can apply to the Department of Human Services (Child Support) for an administrative assessment.

Young Aussie, Investment Property As First Option

Many young Aussies buy investment properties as their first property purchase and continuing board with their family. By doing this, they save a lot of money and still have flexibility while working towards a cheaper alternative to owning their own home. Also, their dream home in the long term may not be the same as the one they want now so the extra time is used to save for the upfront costs of buying a house, such as stamp duty, agent fees and Lender’s Mortgage Insurance (LMI).

Family Guarantee Or Family Pledge

Family Pledge is a way for your parents or family to help you purchase a home without them actually providing the cash for a deposit. Your family members can use their own home's equity to provide additional security for a portion of your loan amount. This solution reduces your loan to value ratio and can also save you a significant amount of money by reducing or even avoiding the need to pay Lender's Mortgage Insurance. So you get into your home faster, with help from your family.

First Home Owner Grant (New Homes)

The First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a grant.

The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.

How do I know if I am eligible to receive the grant?

The Following Criteria Must Be Satisfied:

● You and your spouse/partner must not have received a grant in any State or Territory of Australia.

● You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia.

● You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property in which either of you acquired a relevant interest on or after 1 July 2000 in any State or Territory of Australia.

● You must be a natural person (not a company) and at least 18 years of age at the time of settlement or completion of construction.

● The Access Home Loan Scheme is designed to help people with disabilities buy their own home or modify an existing private home to cater for their needs. People on disability support benefits and their careers in receipt of a pension can apply for this loan.


Kimberley A is an expert property adviser and professional from North Sydney, Australia. The author loves to share her experience on the topics like various home loan schemes, how to apply for a home loan , types of home loans, big lenders, how to get loans approved, etc. so that latest property and home loan updates can be made available for the buyers before making any deal.

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