Home Guarantee Scheme Guidebook 2022
With this program, you can now buy a home with only a 5% deposit and also avoid paying Lenders Mortgage Insurance (LMI)! Usually, first-home buyers with less than a 20% deposit need to pay lenders' mortgage insurance. This is a fee to ensure the Lender, NOT YOU! In case you default on your mortgage.
If you’re quick enough to get in now! You don’t need to pay that at all, and you can buy your first home with as little as a 5% deposit.
For many of our first-time homebuyers, the main benefit is that it removes limitations, allowing them to enter the market sooner. This program allows you to buy your first home with a 5% deposit.
Another benefit is that the First Home Guarantee can also save you thousands of dollars in interest payments. Because LMI is often applied to your loan balance, you'll save even more money on interest than if it weren't applied.
There are several types of eligible properties under the Home Guarantee Scheme.
These include a home, townhouse, or apartment that already exists, land and home package, vacant property with a separate contract to build a house, or an apartment or townhouse that hasn’t been built yet.
Singles up to $125,000 taxable income for FY22
Couples up to $200,000 taxable income for FY22
|Deposit||At least 5% savings, up to a maximum of 20% savings|
|First Home Buyer||Yes, you must not have owned a property in Australia.|
|Citizenship||Australian Citizens only.|
|Minimum Age||18 years old and above.|
|Living Arrangement||You must move in and live in the property as your home within 6 months.|
|Relationship||If buying as a couple, you must be married or de-facto you cannot buy with parents, friends or siblings.|
We’re here to help you get into a position where you can feel confident. If you don’t have a pre-approval and a guaranteed spot, OzBroker will help you navigate through all those details and ensure that you get in a position where you can feel confident.