Dreaming of your own place in Australia? We get it – saving up for that elusive home deposit can feel like scaling Mount Everest, especially with the country’s soaring property prices. But hold on tight because the Australian government’s Home Guarantee schemes might just be your ticket to homeownership!
Let’s be real – scraping together a 20% deposit to dodge Lenders Mortgage Insurance (LMI) is no easy feat. With stamp duty and other upfront costs, your dream home could slip away while you wait for that deposit to grow.
In this guide, we’re unlocking the treasure trove of the First Home Guarantee, Regional Home Guarantee, and Family Home Guarantee – your keys to a future abode.
What’s the scoop on the First Home Guarantee? Think of it as your golden opportunity, designed to help first-time buyers dive into the property market with a mere 5% deposit. This government-backed scheme ensures lenders can green-light your LMI-free loan for that sweet new home.
Who’s eligible? If you’re a first-time buyer, an Aussie citizen or permanent resident over 18, and eyeing that dream home to call your own, this scheme might just be your golden ticket. Plus, it covers a range of residential properties – from new builds to off-the-plan options, as long as they fit within the price cap for your state.
Moving on to the Regional Home Guarantee – it’s just like the First Home Guarantee but for those eyeing properties in rural areas. With a minimum 5% deposit, the government steps in to guarantee the rest, making those country dreams closer to reality.
Now, let’s shine the spotlight on the Family Home Guarantee. This gem supports eligible single parents and legal guardians with a mere 2% deposit. Yep, you read that right! With the government backing up to 18% of the deposit, owning that dream home becomes more than just a dream.
Who’s in the running for the Family Home Guarantee? Single parents or legal guardians with at least one dependent, Aussie citizens or permanent residents, and with no current property ownership.
So, whether it’s your first leap into homeownership or a move to greener pastures, these guarantees might just be the game-changer you need. Want to dig deeper into these schemes or explore your home loan options?
Talk to Adelaide Buyers Agents about sourcing your first property today.
Our Meta Financial Specialists are also available to address your queries. Schedule a session at your convenience.
