Home Guarantee Scheme Expands
First home buyers now have more options and less restrictions for the popular Government Scheme. Also, those who haven’t owned property for 10 years or single parents are eligible!
The Scheme has helped thousands get into the market sooner, and provides buyers with savings on lenders mortgage insurance as the Government acts as your guarantor.
What’s changing?
- Property Cap (SEQ)–increasing from $700,000 to $1,000,000
- Income Test–removed completely!
What are some of the other criteria?
Citizenship: must be an Australian citizen or permanent resident.
Owner-occupier: must live in the property (not investment properties).
Deposit: have a minimum 5% deposit for the First Home Guarantee, or 2% for the Family Home Guarantee.
Loan: the loan must be through a participating lender. It must be an owner-occupier loan paying principal and interest for a loan term of up to 30 years.
Previous ownership: the First Home Guarantee is only available to applicants who have not owned a property in the last 10 years. The Family Home Guarantee requires the applicant to not have any other property interest once the new home is settled.
Talk to Loan Market Nundah
For full criteria and more information on the Home Guarantee Scheme, talk to the team at Loan Market Nundah.
07 3014 0303
loanmarketnundah.com.au
