I have some exciting news to share with you that could greatly benefit those looking to enter the property market. The government has recently expanded the eligibility of the Home Guarantee Scheme, which was previously known as the First Home Loan Deposit Scheme.
This scheme was created to help individuals with a low deposit get into the property market, and the expansion of eligibility is fantastic news for first home buyers.
The new scheme will be introduced on the 1st of July 2023 and will offer several benefits to those who qualify. The qualifying criteria have been updated to include more potential first home buyers.
Previously, only couples who were living together in a de facto relationship were eligible. However, the new scheme has opened up eligibility to friends, siblings, and other groups of family members who can apply as a couple.
This means that combined savings can be put towards the 5% deposit, making it easier for those who struggle to save up for a deposit.
To be eligible for the scheme, if you are a single person, you must have a taxable income under $125,000, or if you are a couple, a combined income under $200,000.
If you are looking to buy in Queensland, in the capital city or regional center, the property value must be under $700,000. Additionally, the scheme is now open to permanent residents, which is great news for international people coming into Australia.
Previously, applicants couldn’t have owned a property before, but under the new scheme, those who owned a property more than 10 years ago are still eligible to apply.
The scheme is available through a limited number of places across multiple lenders. Therefore, it is essential to reach out to a mortgage professional to see how many scheme allocations are available for each lender and whether you qualify for the scheme.
I highly recommend that those thinking about getting into the property market get in touch with a finance specialist to discuss their options.
The scheme has a capped number of applications, and the government has limited it, so it is important to act sooner rather than later. The scheme could save you a significant amount of money and help you enter the property market quicker.
If you need help finding a specialist who understands how the scheme works, please feel free to reach out to me. I have a number of brokers who can help you.
I hope that the news of the expanded Home Guarantee Scheme brings you one step closer to achieving your dream of homeownership. If you would like to know more please book a time in my calendar by clicking here.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
