Potentially save over $30,000 in Lenders Mortgage Insurance
- Family Home Guarantee: Single parents can borrow with a 2% deposit
- First Home Guarantee: First home buyers can borrow with a 5% deposit
- Regional Home Guarantee: Regional home purchases with a 5% deposit
What is the Home Guarantee Scheme?
The home guarantee scheme is a government scheme to help borrowers with a deposit of at least 2% qualify for a home loan without paying Lenders Mortgage Insurance (LMI).
Who can qualify for the scheme?
- Australian citizens and permanent residents are eligible to apply for: First Home Guarantee, Regional First Home Guarantee & Family Home Guarantee.
- Single parent borrowers & legal guardians of children can apply for the Family Home Guarantee.
- Friends & siblings can jointly apply for the First Home Guarantee & Regional First Home Buyer Guarantee schemes.
- You can apply for the first home guarantee scheme even if you've previously owned a property, but sold it more than 10 years ago. So talk to us to see if you are eligible.
How does the Home Guarantee Scheme work?
The First Home Guarantee Scheme
- You will need a 5% deposit.
- You can buy a new or existing property.
- 35,000 spots are available from 1 July 2023 financial year. More should be allocated next year.
- Single people or joint applicants can apply. This can be friends or family.
- First-home buyers or anyone who has not owned property in the last 10 years are eligible.
- Property price caps will vary depending on state and whether you buy regionally or metro.
The Family Guarantee Scheme
- You will need a 2% minimum deposit to apply.
- You can buy a new or existing property as part o the scheme.
- 5,000 spots for the year are available from 1 July 2023 financial year. More to be released next year.
- You need to be a single parent or guardian with at least one dependent.
- You can be a first home buyer or previous homeowner. Has to be to live in.
- Property price caps vary between states and metro vs regional.
The regional Home Buyer Scheme
- Need a 5% minimum deposit to apply.
- Can be a ne or existing home.
- Single or joint applicants. Can be family or friends.
- First-home buyers or anyone who has not owned property in Australia in 10 years can apply.
- Property price caps vary between Australian states.
Would You Like A Broker to Reserve Your Spot In The Scheme?
Tell us more about what you're looking to do and then we'll call you for a brief chat around eligibility. We don't charge a fee, we're paid by the lender.
Matthew Stack - 0423 237 242
Loan Market Australia Wide (phone and zoom available).
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