The State Government has announced some exciting news for home buyers; they’re increasing the maximum income limits for their Low Deposit Home Loan!
The temporary changes will help more Western Australians into home ownership and support those who may have been previously left behind. It’s also positive for the housing market, is a huge benefit to the construction industry and will hopefully provide a spike in the economy.
The State Governments Low Deposit Home Loan offers an important unique pathway to home ownership for many people who struggle to secure finance from mainstream lenders. With these changes, more low-income earners will now be able to access a home loan.
What are the changes?
The maximum income limits will increase by $15,000 for singles and couples and by $20,000 for families:
The income limit for singles was $90,000, it’s now increased to $105,000
The income limit for couples was $115,000, it’s now increased to $130,000
The income limit for a family was $135,000, it’s now increased to $155,000
(For the Perth metro area)
What’s the time frame of the changes?
The new income limits are effective from 1 July 2019 and will only be available until 31 December 2019. If you enter into a sales contract to purchase an established property or build a new home in this time, the changes will apply.
The income limits will then revert to the current levels from 1 January 2020.
What this means:
More low-income earners who may have found it difficult to meet the big banks requirements, have the opportunity to access a Low Deposit Home Loan.
If you may not have fit the criteria for a Low Deposit Home Loan before, then you might be eligible now. It’s estimated that around 11,000 additional households will now qualify, meaning this could be the chance to get your dream home sooner than you thought!
How we can help
The introduction of these changes means there’s no better time to secure your dream home with Nicheliving! We’ll help you find the perfect loan for your situation. We can assist you with the whole home buying or building process from start to finish. We make getting into your own home easy, simple and affordable.
Contact us to find out more! One of our expert property advisors will guide you every step of the way.