The federal government’s Home Guarantee Scheme (HGS) helped 43,800 buyers enter the market in the 2023-24 financial year, Housing Australia has revealed.
The HGS contains three separate programs:
- The First Home Guarantee helps eligible first home buyers, and people who haven’t owned a home for at least 10 years, to purchase a property with a 5% deposit without paying lender’s mortgage insurance (LMI)
- The Regional First Home Buyer Guarantee is almost identical, but is limited to regional buyers purchasing regional properties
- The Family Home Guarantee helps eligible single parents and single legal guardians buy a property with a 2% deposit without paying LMI
The federal government has allocated a combined 50,000 places for the three programs in the 2024-25 financial year.
All three programs are reserved for owner-occupiers, have income limits ($125,000 for single applicants and $200,000 applicants) and property price caps (see table above).
Please contact us if you’re thinking about taking advantage of the HGS. We can advise you if you meet the eligibility criteria and manage your home loan application.
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