From Saturday 1 October 2022, 10,000 new places were made available under the Australian Government’s Home Guarantee Scheme (HGS). The new Regional First Home Buyer Guarantee (RFHBG) supports eligible first home buyers living in regional areas to purchase a modest home in a regional area with a deposit of as little as five per cent.
The Home Guarantee Scheme is an Australian Government initiative to support eligible home buyers to purchase a home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government.
The HGS includes:
- The First Home Guarantee (FHBG) – to support to eligible first home buyers to buy their first home sooner, with a deposit as little as 5%. 35,000 places are available each financial year.
- The Regional First Home Buyer Guarantee (RFHBG) – to support eligible regional first home buyers to buy a home in a regional area. From 1 October 2022, 10,000 places are available each financial year to 30 June 2025.
- The Family Home Guarantee (FHG) – to support eligible single parents with at least one dependent child to buy a home, with a deposit as little as 2%. 5,000 places are available each financial year to 30 June 2025.
Under the HGS, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with a deposit between 2-5%, without paying Lenders Mortgage Insurance.
NHFIC has authorised a panel of 32 participating lenders to offer the HGS to home buyers.
To apply, find out more information here.
Already have a loan in place? Ask about our Buyer Advocacy service, where we provide you with trusted impartial advice and WE MAKE IT EASY to protect your interests throughout the entire buying process.
To book a free 30-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
