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What is the home guarantee scheme?

The Home Guarantee Scheme is a government plan introduced to help borrowers with a deposit of at least 2% qualify for a home loan without paying Lenders Mortgage Insurance (LMI)

From 1 July 2023, the categories of people eligible for the scheme have been expanded.

So, who can qualify?

  • Australian citizens and permanent residents are eligible to apply for all three schemes: First Home Guarantee, Regional First Home Guarantee and Family Home Guarantee.
  • Borrowers who are single, legal guardians of children – such as their aunts, uncles and grandparents – can apply for the Family Home Guarantee.
  • Friends, siblings and other groups of family members can jointly apply for the First Home Guarantee and Regional First Home Buyer Guarantee.
  • Non-first-home buyers who have not owned property during the last 10 years can also apply.

How do the plans under the home guarantee scheme work?

  • The minimum deposit is 5%.
  • A new or existing home is accepted as a property.
  • 35,000 spots for the year are available from 1 July 2023.
  • Single people or joint applicants, who can be family or friends, can apply.
  • First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
  • There are no location restrictions, but price caps vary by area.
  • The minimum deposit is 2%.
  • A new or existing home is accepted as a property.
  • 5,000 spots for the year are available from 1 July 2023.
  • Single parents or guardians with at least one dependent can apply.
  • First-home buyers or previous homeowners who do not intend to own a property other than the one they buy with the guarantee.
  • There are no location restrictions, but price caps vary by area.
  • The minimum deposit is 5%.
  • A new or existing home is accepted as a property.
  • 10,000 spots for the year are available from 1 July 2023.
  • Single people or joint applicants, who can be family or friends, can apply.
  • First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
  • There are location restrictions — you can buy only in regional areas. Price caps apply.
There are only 50,000 spots, total, each fiscal year.

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