From 1st July 2022, many home lenders will offer the federal government’s low-deposit housing scheme assistance program.
From 1 July, 40,000 new places under the Federal Government’s Home Guarantee Scheme (HGS) will become available to help Australians to buy their own home.
To be eligible for the HGS you need to qualify with the below:
- Your household income must be less than $125,000 for individuals and $200,000 for couples
- The property you buy must be less than the price cap, which varies from $250,000 in regional South Australia to $950,000 in Sydney, depending on where you buy and the type of property you purchase
Under the HGS, eligible first home buyers can purchase a property with just a 5% deposit and eligible single parents with just a 2% deposit. Participants don’t need to pay lender’s mortgage insurance, because their loan is guaranteed by the government.
To learn more about the low-deposit housing scheme, please visit the Australian Government Home Guarantee Scheme website for more details on what it may mean to you and what criteria needs to be met to qualify.
Do you want help buying a home?
At Crest Property Investments, we help source house and land packages for buyers that feature a full turn-key solution. When building your own home, a full turn-key prevents the uncertainties and price rises that may occur if the soil and site isn’t easy to build on.
If you’d like to learn more about buying a house and land package, please don’t hesitate to contact us. We would welcome the opportunity to help with your property purchase. Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
August 2022
