Housing assistance scheme helping tens of thousands of buyers

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

The federal government has allocated a combined 50,000 places for the three programs in the 2024-25 financial year.

All three programs are reserved for owner-occupiers, have income limits ($125,000 for single applicants and $200,000 applicants) and property price caps (see table above).

Please contact me if you’re thinking about taking advantage of the HGS. I can advise you if you meet the eligibility criteria and manage your home loan application.

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