There is finally some positive news in the market for more first home buyers! As of July 1st 2023, the government is extending the eligibility requirements for its First Home Guarantee Scheme to include more people! This means more options to help get more people into their first home!
This scheme offered by the government, guarantees a portion of the deposit of your first home meaning you avoid expensive lenders mortgage insurance costs and only need a 2-5% deposit depending on your circumstances.
The scheme has been available for a while and helped many citizens, couples (spouse/de facto) and single parents secure their first homes . The scheme is now being extended to include:
- Permanent Residents
- Friends and Family Members
- Second home owners that haven't owned a home in over 10 years
- Single legal guardians
With rising interest rates, people have not been able to borrow as much and it has been cutting them out of the market. The option to be able to buy with a friend or family member or a PR to buy with their partner will now open up more options to more people to secure their own home and escape the rent trap.
As with all support and schemes, there are other criteria that apply in order to qualify. They include income limits for singles and couples as well as a cap on the purchase price depending on the location. But this is where we can help!
Our specialist consultants and mortgage brokers are aware of all the criteria. A 5 minute chat with us about your circumstances will be able to tell you the options available to you and what you need to do to take advantage of this scheme.
In addition to the scheme, we can advise you of other options that may be available to you through the first home buyer grant, avoiding stamp duty and receive a $10,000 grant for a new home.
With limited spots available, the sooner you talk to us, the sooner we can identify your options and secure eligible applicants their spot in the scheme.
Request a FREE CALL with us now to find out your options.
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