Happy New (Financial) Year, 1 July means the Government has opened up 35,000 places to eligible first home buyers as part of the Home Guarantee Scheme, an Australian Government initiative to help first home buyers purchase a home sooner.
This scheme assists home buyers to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
The guarantee of a home loan is up to a maximum amount of 15% of the value of the property. Unfortunately the guarantee is not a cash payment or a deposit for a home loan.
Eligibility
- Earning up to $125,000 for individuals or $200,000 for couples.
- Intending to be owner-occupiers
- Never owned a property in Australia
Each State has a different property price cap, SA Metro has a cap of $600,000. SA Regional has a cap of $450,000.
Get in quick before the places run out, and as always, if I can be of any help, do not hesitate to reach out for a coffee and a chat.
Yianni Garbas 