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.
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