There are some new government initiatives to help you achieve your home ownership goals — possibly sooner than expected.

1. First Home Loan Deposit Scheme (FHLDS) expansion and increased price caps

Under the FHLDS, 10,000 additional places have been made available from 1 July 2021. The federal government has also increased the maximum purchase price by an additional $150,000 in some states and territories. See the updated property price caps.

2. New Home Guarantee construction extension

The New Home Guarantee has been expanded with an additional 10,000 places available and will now have a construction commencement timeframe of 12 months.

Eligible first home buyers can use the New Home Guarantee in conjunction with other government programs, like the First Home Super Saver SchemeHomeBuilder Grant or state and territory First Home Owner Grants and stamp duty concessions.

Qualifying for one of these incentives may give you the confidence and financial boost to start looking.