Homebuyer scheme expected to double with the new federal budget

The government’s home buyer scheme is expected to double to 50,000 places a year with the 2022 Federal Budget.
The scheme aims to make it easier for eligible first time home buyers and single parents to own their own homes, with government guarantees on home loan deposits as low as 5% or 2% respectively.
Starting from July, the number of homes under the program will increase to 35,000. There will also be a 10,000 regional home guarantee boost to be offered each year from October to July 2025.
Many members of the government including Prime Minister Scott Morrison have acknowledged how difficult it has become to buy a home nationwide. Hence wanting to give Australians different opportunities to finally buy a house.
According to NAB’s personal banking executive, Rachel Slade, the schemes have helped thousands of people to purchase their homes earlier than expected,
“Price growth has made it more challenging for many Australians to enter the housing market, which is why support measures such as these are so important,” says Slade.
With the expansion of the home buyer schemes, it might be time to start looking at our home loan resources page for more home loan guides and tips, as well as our range of handy calculators.
Home loan comparisons on Mozo - last updated 13 August 2022
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PAYG Home Loan
Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment3.29% p.a. variable3.33% p.a.Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
CompareComparePAYG Home Loan
Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- upfront fees
- $840
- Ongoing fees
- $0.00
- Discharge Fee
- $500.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $250,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the PAYG Home Loan
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Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment3.74% p.a.variable for 12 months and then 4.23% p.a. variable4.22% p.a.Already includes July RBA rate increase. No monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.
CompareCompareSmart Booster Home Loan
Already includes July RBA rate increase. No monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.
- interest rate
- 3.74% p.a.variable for 12 months and then 4.23% p.a. variable
- comparison rate
- 4.22% p.a.
- interest rate
- 3.74% p.a.variable for 12 months and then 4.23% p.a. variable
- comparison rate
- 4.22% p.a.
- upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Smart Booster Home Loan
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First Home Buyer Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment4.14% p.a. variable4.17% p.a.A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
CompareCompareFirst Home Buyer Loan
A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.
- interest rate
- 4.14% p.a. variable
- comparison rate
- 4.17% p.a.
- interest rate
- 4.14% p.a. variable
- comparison rate
- 4.17% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - fees apply
- Offset account
- yes
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the First Home Buyer Loan
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Variable Home Loan
<80% LVR, Owner Occupier, Interest Only
interest rate
comparison rate
Initial monthly repayment4.74% p.a. variable4.19% p.a.Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit.
CompareCompareVariable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit.
- interest rate
- 4.74% p.a. variable
- comparison rate
- 4.19% p.a.
- interest rate
- 4.74% p.a. variable
- comparison rate
- 4.19% p.a.
- upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Interest Only
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Variable Home Loan
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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