Home Loan

Getting a home loan can be troublesome and time costly. let us free your hands, and find the loan options which serve in your best interest. 

How Home Loan Works

  • Pre-approval is important at this stage to confirm how much you can borrow. You get the loan amount from the lender, which covers a portion of the property value. You'll need to provide a down payment for the rest.

  • You make regular payments to the lender over the loan term. These payments typically include two parts:

    Principal: This is the amount you originally borrowed. With each payment, a portion goes towards paying down this principal amount.

    Interest: This is the fee you pay for borrowing the money. It's calculated as a percentage of the remaining loan balance.

  • The property itself serves as security for the loan. This means if you don't make your repayments, the lender has the right to repossess and sell the property to recover their money.

Family Home Guarantee Scheme

  • Family Home Guarantee Scheme is a government-backed scheme in Australia designed to help eligible single parents or single legal guardians buy a home sooner. It involves a government guarantee to the lender, which allows the borrower to purchase a home with a smaller deposit.  

  • Under The Home Guarantee Scheme (HGS), you're required to contribute a deposit as little as five percent of the property’s value. Housing Australia then provides a guarantee to the lender covering up to 15% of the property’s value.

    The Scheme includes three types of Guarantees:  

    1.      First Home Guarantee (FHBG): Supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%. For FY2024-25, 35,000 places are available.

    1. Regional First Home Buyer Guarantee (RFHBG): Supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%. For FY2024-25, 10,000 places are available.

    2. Family Home Guarantee (FHG):

      Supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%. For FY2024-25, 5,000 places are available.

  • For the Home Guarantee Scheme, you can check your eligibility on the Housing Australia website: www.housingaustralia.gov.au/support-buy-home/eligibility-tool

    Please note that both schemes involve risks for the guarantor and eligibility criteria and terms vary between lenders. It's essential for you and your family to understand the implications and potential consequences before entering a guarantor arrangement.

It's important to compare options and find a loan suits your financial situation and goals.

If you are not sure which options are the right ones for you, contact us today, we will walk you through your scenario and guide you through the home loan application all the way through to settlement.

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