Are there any income limits for participating in the FHLDS?
Yes, there are income limits for participating in the FHLDS. The scheme is available to singles earning up to $125,000 per year or couples earning up to $200,000 per year. This means that if you earn above these income limits, you are not eligible for the scheme. The income limits are based on the taxable income of the borrower and their spouse or de facto partner (if applicable). The income limits are reviewed annually to ensure that they are in line with inflation.
Are there any caps on property prices for participating in the FHLDS?
Yes, there are caps on property prices for participating in the FHLDS. The property being purchased must be within the price cap set by the government, which varies depending on the location of the property. For example, in Sydney, the price cap for a house is $700,000, while in regional areas of New South Wales, the price cap is $450,000. The price caps are designed to ensure that the scheme benefits those who are struggling to enter the property market due to high property prices.
Are there any other restrictions on participating in the FHLDS?
Yes, there are other restrictions on participating in the FHLDS. Firstly, the scheme is only available to first-time homebuyers who intend to live in the property they are purchasing. This means that the scheme cannot be used to purchase an investment property or a holiday home. Secondly, the property being purchased must be a residential property, not a commercial property. Finally, the scheme is only available for new or off-the-plan properties, not for existing properties.