Purchasing your first home can feel like an uphill battle, especially with rising property prices and strict lending requirements. To help first-time buyers, Australia offers several government home buying schemes aimed at reducing financial barriers and making homeownership more accessible.
What is the First Home Guarantee Scheme (FHBG)?
The First Home Guarantee Scheme (FHBG), previously known as the First Home Loan Deposit Scheme, is a government initiative designed to help first-time buyers enter the property market with a smaller deposit. Under this first home government scheme, eligible buyers can purchase a home with as little as a 5% deposit without the need for lenders mortgage insurance (LMI). The government acts as a guarantor for the remaining 15%, making it easier for buyers to secure a loan.
Benefits of the First Home Buyer Guarantee Scheme
- Lower Deposit Requirements: With the home guarantee scheme, you no longer need a 20% deposit, making it easier to save.
- No LMI Costs: Save thousands by avoiding lenders mortgage insurance, a significant upfront cost.
- Fast-Track Homeownership: Enter the property market sooner, even if your deposit savings are modest.
Eligibility for the FHBG
To qualify for the first home buyer guarantee scheme, applicants must meet criteria such as being a first-time buyer, earning below the income cap, and purchasing a property within the price limit set for their location.
Take Advantage of Government Support Today
With schemes like the first home guarantee scheme, first-time buyers have a valuable opportunity to achieve homeownership sooner. If you’re ready to explore how these programs can benefit you, call FHBA at 1800342287 today for personalized advice and assistance with your application.
Turn your dream of owning a home into reality with the support of government home buying schemes!
