18,000 spots still up for grabs for first home buyers
The Federal Government still has 18,000 spaces available for eligible first home buyers under their First Home Buyer Guarantee Scheme, (FHBG), it has been announced today.
The FHBG allows first home buyers to purchase with as little as a 5% deposit, avoiding costly mortgage insurance being added to their loans.
It gives those trying to buy their first home, who may be able to service the required loan to secure their property, but who are unable to save a large enough deposit, the opportunity to proceed and buy a home.
In the past, first home buyers have delayed purchasing a home while struggling to save the deposit they needed to buy a property. Some first home buyers have moved back home with parents, into shared accommodation or considered their current rental properties in efforts to save a larger deposit.
The Federal Governments FHBG scheme allows first home buyers to go ahead without needing a big deposit. A minimum of 5% deposit only is required and no Lenders Mortgage Insurance will apply.
To be eligible for a place under the scheme you must be:
Applying as an Individual or joint applicants
At least 18 years of age
Earning $125k maximum as a single or $200k p.a. combined for a joint application
Purchasing a residential property to live in either established, newly built or to be built
The remaining 18,000 spots confirmed today are from an original allocation of 35,000 for the 2023 -2024 financial year.
With half of the spots in the scheme already been snapped, if you meet the above criteria and have been delaying buying your first home due to the size of your deposit, speak to your broker now.
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