Hi ,
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 your paperwork in place? Give Chamberlain Property Advocates a call on 03 9686 2288 today. We are here to help. We offer a free consultation, so why not call
today?