Government Schemes

The 2023-24 Federal Budget has been extended and additional places will be released from 1 July 2023.

First home buyers that have less than a 20% deposit usually need to pay for Lenders Mortgage Insurance.

Thanks to these government schemes, you can purchase your first home sooner with as little as a 5% deposit (First Home Guarantee) or a 2% deposit (Family Home Guarantee) and still have the insurance waived.

This scheme is aimed at single parents to get them into their own property whether they are first or second home buyers. The government will guarantee a maximum amount of 15% of the value of your property and you provide as little as a 2% deposit.

To be eligible you must be an Australian Citizen, have the legal responsibility for the day-to-day care of at least one dependent child and you must not have earned more than $125,000 on your latest tax return. Note: to be eligible for this scheme you must be a single parent which means you do not have a spouse and are not in a de facto relationship.

Family Home Guarantee Scheme

This scheme is for first home buyers only. The government will guarantee a maximum amount of 15% of the value of your property and you would need to provide a 5% deposit to have the Lenders Mortgage Insurance waived.

To be eligible all parties on the loan must be Australian Citizens, the purchase must be for your first home and you must not have earned more than $125,000 on your latest tax return for one applicant or $200,000 for two applicants.

First Home Guarantee Scheme

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