The Home Guarantee Scheme (HGS), introduced by the federal government, has reached an impressive milestone, assisting over 150,000 buyers since January 2020. This initiative has been particularly beneficial for first-time homebuyers and single parents.

The HGS encompasses three programs:

  1. First Home Guarantee: Allows eligible first-time buyers to purchase a property with a 5% deposit without paying the lender’s mortgage insurance (LMI). There are 35,000 places available this financial year.
  2. Regional First Home Buyer Guarantee: Similar to the First Home Guarantee but for regional buyers, with 10,000 places this financial year.
  3. Family Home Guarantee: Enables eligible single parents and guardians to buy a home with a 2% deposit without paying LMI. This program has 5,000 places available this year.

Eligibility Criteria and Benefits

  • Property Price Caps: Vary depending on the state.
  • Income Caps: $125,000 for individuals and $200,000 for joint applicants.

Notably, 51% of the scheme’s participants have been women, and 55% have been under 30, highlighting the program’s success in supporting younger buyers. Housing Australia administers the HGS, ensuring it reaches those in need.

To learn more about the Home Guarantee Scheme and check your eligibility, reach out to us now.