Learn more about the Australian Government’s Home Guarantee Scheme\u00a0
\nThe Australian Government has announced 50,000 places for the Home Guarantee Scheme over the 2024-25 financial year. The initiative is to support eligible home buyers to buy a home sooner. Rather than needing 10% or more of a home price as a deposit to secure a loan, major and non-major lenders will approve loans with a 5% (first home buyer) or 2% (single family) deposit.
\nKey Benefits:<\/p>\n
First Home Buyers anywhere in Victoria only need a 5% deposit.
\nSingle parents with at least one dependent only need a 2% deposit
\nHomes can cost up to $800,000 in Melbourne and Geelong, and $650,000 in the rest of Victoria.<\/p>\n
The Home Guarantee Scheme has already helped over 160,000 Australians own a home.
\nIn the 2022-23 financial year, over one-third of the Guarantees were issued to buyers in regional areas, showing a rising trend from previous years.
\nEligibility criteria<\/p>\n
Open to singles or couples over 18 years old
\nAustralian citizens or permanent residents
\nMust earn less than $125,000 for individuals or $200,000 for joint applicants.
\nMust become owner-occupier\/s<\/p>\n
Use the Eligibility Tool
\nPlaces in the Home Guarantee Scheme for 2024-25:<\/p>\n
35,000 places for the First Home Guarantee
\n10,000 places for the Regional First Home Buyer Guarantee
\n5,000 places for the Family Home Guarantee (single parent)<\/p>\n
Property types<\/p>\n
Existing house, townhouse or apartment
\nHouse and land package
\nLand and a separate contract to build a home
\nOff-the-plan apartment or townhouse.<\/p>\n
Only participating lenders authorised by Housing Australia can provide loans to people using the scheme to buy a home. To apply you\u2019ll need to contact one of the participating lenders.\u00a0Find more information and step-by-step instructions at Housing Australia.
\n\u00a0
\nA similar scheme is run by the Victorian Government\u2019s State Revenue Office, known as the Homebuyer Fund. With a 5% deposit, the Victorian Government may tip in up to 25% of the purchase price and will own an equivalent share in the property. This reduced the mortgage repayments and Lenders Mortgage Insurance is not required.
\nLike the Home Guarantee Scheme, property prices are capped depending on where you buy and only select lenders are approved to provide the loans. Additional eligibility criteria and ongoing obligations apply. To find out more visit,\u00a0About the Victorian Homebuyer Fund.
\n\u00a0
\nThis document strictly contains general information only, and is not legal, financial, or other professional advice, nor is it intended to be anything other than general information. All information shared is readily available to the public online. Should you require such professional advice before making any decisions, it is highly recommended that you do obtain such advice.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
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