Great news for first home buyers and single parents…there are thousands more guarantees available as of July 2022!
A Quick Snapshot
First Home Guarantee (formerly the First Home Loan Deposit Scheme): 35,000 places p.a. for first home buyers. 5% minimum deposit and pay no Lenders Mortgage Insurance (LMI).
Family Home Guarantee: 5,000 places p.a. for single parents with dependents. 2% minimum deposit and no LMI.
Regional Home Guarantee {NEW}: 10,000 places p.a. for Australian citizens and permanent residents to buy or build a new home in regional areas. 5% minimum deposit and no LMI. Must not have owned a home in the last 5 years.
All three components of the scheme will be open to singles earning up to $125,000 p.a. and couples with a combined household income of $200,000 p.a.
These changes come into effect from 1 July 2022.