The federal government’s Home Guarantee Scheme (HGS) helped 43,800 buyers enter the market in the 2023-24 financial year, Housing Australia has revealed.
The HGS contains three separate programs:
- The First Home Guarantee helps eligible first home buyers, and people who haven’t owned a home for at least 10 years, to purchase a property with a 5% deposit without paying lender’s mortgage insurance (LMI)
- The Regional First Home Buyer Guarantee is almost identical, but is limited to regional buyers purchasing regional properties
- The Family Home Guarantee helps eligible single parents and single legal guardians buy a property with a 2% deposit without paying LMI
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Source: BMT Tax Depreciation