The Federal Govt has announced the 2022 Budget will include increasing the number of available FHLDS First Home Buyer Govt Guarantee places to 35,000 places a year (was originally 10,000 a year) which provides a guarantee by the govt for First Home Buyer Australian Citizens to avoid paying the expensive Lenders Mortgage Insurance, meaning First Home Buyers can buy or build a first home with only a 5% savings deposit. This scheme has been very successful with the available spots being taken up in full very quickly leaving many First Home Buyers without an option having to wait for July for the next round of available spots.
The Govt also confirmed 5000 places for the single parent scheme which is slightly different with only a 2% deposit needed and the Govt covers the guarantee for the rest with no Lenders Mortgage Insurance fee to pay, and a brand new scheme to support the Regions called the Regional Home Guarantee, which is for First Home buyers and also anyone who hasn’t owned a home in the past 5 years , and can be accessed by Permanent Residents (other schemes you need to be an Australian Citizen) to encourage more people including migrants to move to the Regions. The Regional Home Guarantee will have 10,000 spots, with the same 5% savings needed but no expensive Mortgage Insurance fees to be paid. These changes need to be legislated and passed in the Parliament before they can be implemented.
Contact Total Choice Home Loans today to confirm your eligibility for this scheme on 0411870957
Details on Press Release here;
Fact sheet on 2023-2024 current schemes here;
https://www.nhfic.gov.au/sites/default/files/2023-06/NHFIC_First_Home_Guarantee_Factsheet.pdf
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