Great News for First Home Buyers!
The Federal Government has announced it will expand the eligibility criteria for the Home Guarantee Scheme (HGS) effective 1 July 2023, to assist first home buyers, single parents and those who have been out of the property market for more than ten years, to get into or back into the market.
What is the Home Guarantee Scheme (HGS)?
The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers to purchase a home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government.
Eligible buyers can purchase or build a new home with a deposit of as little as 5%, or as little as 2% for eligible single parents, without the need for lenders' mortgage insurance (LMI).