Home Guarantee Scheme Guidebook 2023
If you're looking to buy your first home, now's the best time!
Are you dreaming of owning your first home? Act now to secure your spot in the First Home Guarantee (FHBG) Scheme before it’s too late! Limited seats are available this year, with only 50,000 opportunities up for grabs. Don’t miss out on this chance to make your homeownership dreams a reality!
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.
What are the benefits
The First Home Guarantee (FHBG) Scheme is designed to help both permanent residents and non-first home buyers, who haven’t owned a property in the past 10 years, enter the property market with ease. With just a 5% deposit required and no need to pay Lender’s Mortgage Insurance (LMI), this scheme provides an excellent opportunity for aspiring homeowners to take that crucial step towards their dream home.
New Feature
Joint Applications for Friends and Family
Starting July 1, the Home Guarantee Scheme is expanding to allow joint applications from friends and family members. Now, you and your loved ones can apply together for the First Home Guarantee and Regional First Home Guarantee, making the journey to homeownership even more accessible and inclusive.
What type of homes can be bought under the home guarantee scheme?
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.
How do you know if you're eligible for this scheme?
To qualify for the home guarantee scheme, applicants must be:
| Requirement | Eligibility |
|---|---|
Income | 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. |
Non-First Home Buyers | People who haven't owned a residential property in the past 10 years may also be eligible for the scheme. |
Joint Applications | The Home Guarantee Scheme is expanding to allow joint applications from friends and family members. This means you and your loved ones can apply together for the First Home Guarantee and Regional First Home Guarantee. |
Minimum Age | 18 years old and above. |
Living Arrangement | You must move in and live in the property as your home within 6 months. |
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.
Don't Be Left Out in the Cold
Secure Your Seats Now!
Remember, the First Home Guarantee (FHBG) Scheme is a limited-time opportunity, and with only a few spots remaining, they won’t last long. Secure your seats now to avoid disappointment and secure your dream home for yourself and your loved ones.