Housing Australia’s Home Guarantee Scheme has achieved a significant housing scheme milestone by supporting more than 150,000 buyers since its inception in January 2020. First home buyers or single parents seeking assistance in purchasing a property will find this information interesting.
The program limits eligibility, with property price caps varying by state and income caps set at $125,000 for individuals and $200,000 for joint applicants.
The HGS consists of three programs:
- The First Home Guarantee empowers eligible first home buyers to purchase a property with just a 5% deposit thereby, eliminating the burden of lender’s mortgage insurance (LMI). With 35,000 places available this financial year, it presents a great opportunity for aspiring homeowners.
- The Regional First Home Buyer Guarantee offers the same benefits as the First Home Guarantee. However, this scheme is specifically catered for regional first home buyers, aiming to support individuals in regional areas. It has 10,000 places allocated this financial year.
- The Family Home Guarantee caters to eligible single parents and single legal guardians. The scheme enable a property purchase with only a 2% deposit, eliminating the need for LMI. With 5,000 places available this financial year, it provides crucial support to this demographic in their pursuit of homeownership.
The Home Guarantee Scheme plays a crucial role in facilitating housing affordability and homeownership aspirations across Australia. The Scheme achieves this by offering accessible pathways to property ownership and easing financial constraints.
Ready to take the next step towards homeownership? Contact us to explore the Home Guarantee Scheme today to see how it can help you achieve your housing goals.