Attention first home buyers 👀👇

The government has decided to extend its home guarantee initiatives, creating more places for eligible applicants in both the First Home Guarantee and Family Home Guarantee schemes.

We’ll also see the introduction of a new scheme dedicated to helping regional home buyers, called the Regional Home Guarantee.

In total, $8.6 million will be dedicated to these home buyer schemes over the next 4 years.

The First Home Guarantee scheme allows first home buyers to purchase a new or existing property with a deposit of as little as 5% without being charged Lenders Mortgage Insurance (LMI). This is because the government covers up to 15% of the home loan deposit for eligible participants.

This scheme will expand to allow 35,000 places for eligible first home buyers in the upcoming financial year, up from 10,000 last year.

The Family Home Guarantee, which supports single parents in purchasing a home with a deposit of as little as 2%, will see 5,000 additional places issued from July 1st, 2022 to June 30th, 2025.

Buyers in regional areas could benefit from the Regional Home Guarantee, which assists those with a deposit of as little as 5%. Each year, 10,000 places will be reserved for regional buyers who have not owned a home in 5 years – meaning you don’t have to be a first home buyer to access this scheme.

Since they were introduced, almost 60,000 Australians have been supported by home guarantee schemes.

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Locations- South West Sydney and North West Sydney