Property Types and Price Caps:
Within the framework of the HGS, prospective home buyers have the opportunity to purchase various types of residential properties, including:
Existing houses, townhouses, or apartments
House and land packages
Land with a separate contract to construct a home
Off-the-plan apartments or townhouses
For specific property price caps applicable to each location, individuals can utilize the Property Price Cap Tool to determine eligibility.
It's important to note that different property types may have specific timeframes and criteria. Contracts of sale and, if applicable, eligible building contracts may need to be executed by designated dates. For a comprehensive understanding of property criteria, individuals are encouraged to reach out to a Participating Lender for further details.
How to Apply:
Applications for the HGS must be submitted through a Participating Lender or their authorized representative, such as a mortgage broker. Housing Australia does not handle HGS applications or offer personalized financial advice.
Prospective home buyers, along with their advisors, should consider consulting with a Participating Lender and seeking independent financial and legal advice to assess whether a particular home loan or property aligns with their personal circumstances and objectives.
Before finalizing a home loan agreement, individuals should discuss with their lender or broker the potential impacts of fluctuations in interest rates or housing prices on their individual situation.
Participating Lenders:
Housing Australia has authorized a panel of 33 Participating Lenders to extend the HGS to eligible home buyers.
Notice of Assessment (NOA):
The HGS incorporates an income test, which Participating Lenders assess using a Notice of Assessment (NOA).
Upon processing a tax return, the Australian Taxation Office (ATO) issues a Notice of Assessment to the taxpayer's myGov Inbox. For HGS reservations made between July 1, 2023, and June 30, 2024, the relevant Notice of Assessment is for the 2022-2023 financial year.
Applicants should discuss with their Participating Lender the implications of signing a Contract of Sale before obtaining the latest Notice of Assessment. In circumstances where a Notice of Assessment cannot be provided (e.g., due to working overseas), applicants should consult their Participating Lender for guidance on alternative documentation acceptable as proof of income.