Government opens up more housing assistance places
Another 50,000 places have been made available for the federal government’s Home Guarantee Scheme (HGS) for the period 1 July 2024 to 30 June 2025.
The HGS includes the First Home Guarantee, which gives eligible first home buyers the opportunity to purchase a property with a 5% deposit, without having to pay lender’s mortgage insurance (LMI). A total of 35,000 places are available.
The HGS also includes the very similar Regional First Home Buyer Guarantee – except this applies to first home buyers in regional locations. For this scheme, 10,000 places are available.
The final program in the HGS is the Family Home Guarantee, which supports eligible single parents and single legal guardians to enter the market with a 2% deposit, without having to pay LMI. A total of 5,000 places are available.
With all three programs, you must be an owner-occupier. Also, property price caps apply and there are income limits of $125,000 for individuals and $200,000 for joint applicants.
Ready to take advantage of the Home Guarantee Scheme and make your dream of homeownership a reality? Contact us today to get started!
Licensing statement: Rayne Finance ABN [70 605 100 838] is authorised under LMG Broker Services Pty Ltd Australian Credit Licence 517192. Disclaimer: (1) As with any financial scenario there are risks involved. This information provides an overview or summary only and it should not be considered a comprehensive analysis. You should, before acting in reliance upon this information, seek independent professional lending or taxation advice as appropriate and specific to your objectives, financial circumstances or needs. This publication is provided on the terms and understanding that: (2) LMG Broker Services Pty Ltd, Rayne Finance (Seed Lending Pty Ltd) and the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication. (3) LMG Broker Services Pty Ltd, Rayne Finance (Seed Lending Pty Ltd) and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to the maximum extent permitted by the law to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication.
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