Are you a First home buyer?

First home buyers

If this is your first time to purchase a property in Australia, consider the essential steps before hands:

• Have a realistic budget

• Research relevant property market-Get a pre-approval for a mortgage

• Consult professional real estate agent

• Conduct inspections on the property 

• Consult legal when necessary    

Family Home Guarantee Scheme (FHGS)

This 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. Key points include:

• Government-backed scheme.   

• Eligibility criteria based on single parent or legal guardian status.   

• Aims to help eligible people buy a home sooner.   

What is good for you?

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:  
 

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.

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.

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.

Are you eligible for FHG? 

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. 
If you are interested in getting a new home loan, feel free to contact and discuss your needs with us.