A Step Closer to Homeownership with the Home Guarantee Scheme
Buying a home can feel overwhelming, but the Home Guarantee Scheme (HGS) helps eligible Australians secure a home loan with a smaller deposit, without the cost of Lenders Mortgage Insurance (LMI). Administered by Housing Australia, the scheme offers various guarantees, including the First Home Guarantee (FHBG), Family Home Guarantee (FHG), and Regional First Home Buyer Guarantee (RFHBG), to support Australians in different circumstances.
What is the Home Guarantee Scheme?
The Home Guarantee Scheme enables eligible buyers to purchase a property with deposits as low as 2% or 5%, thanks to a government-backed guarantee. This makes it easier for first-time buyers, single parents, and regional buyers to achieve homeownership faster without needing a large deposit or paying for LMI.
Types of Guarantees Available
• First Home Guarantee (FHBG): Allows first-time buyers to buy with just a 5% deposit.
• Family Home Guarantee (FHG): Supports eligible single parents with at least a 2% deposit.
• Regional First Home Buyer Guarantee (RFHBG): For regional home buyers with a 5% deposit requirement.
Eligibility and Requirements
To qualify, buyers must meet income and residency criteria, and the scheme is generally for first-home purchases. It’s available only through participating lenders, including major and non-major banks. For information and for the list of the participating lenders in the home guarantee scheme contact us.
Why Choose Lend A Loan?
Navigating the Home Guarantee Scheme can be complex, but Lend A Loan is here to simplify it. We’ll assist you in confirming eligibility, selecting the right lender, and ensuring that the HGS fits your financial goals.
Get in touch with us today to explore your home-buying options with the Home Guarantee Scheme.