{"id":5355,"date":"2023-11-30T09:02:39","date_gmt":"2023-11-29T23:02:39","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5355"},"modified":"2023-11-30T09:02:39","modified_gmt":"2023-11-29T23:02:39","slug":"more-lenders-sign-up-to-low-deposit-first-home-buyer-scheme","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/more-lenders-sign-up-to-low-deposit-first-home-buyer-scheme\/","title":{"rendered":"More lenders sign up to low deposit first home buyer scheme"},"content":{"rendered":"

\"\"First home buyers with a small deposit now have an even wider range of lenders to choose from. We reveal the latest banks to join the 5% deposit scheme that\u2019s helping more buyers get into the market sooner.<\/strong><\/p>\n

First home buyers have just received an early Christmas gift, of sorts, with an uptick in the number of lenders that have signed up to the\u00a0Home Guarantee Scheme (HGS)<\/a>.<\/p>\n

Three Westpac brands,\u00a0St.George, Bank of Melbourne and BankSA<\/a>, have added their names to the list of lenders available to first home buyers under the HGS.<\/p>\n

If you\u2019re not familiar with the HGS, it gives first home buyers an opportunity to buy a place of their own with as little as a 5% deposit (and no lenders mortgage insurance) through the\u00a0First Home Guarantee<\/a>\u00a0or\u00a0Regional First Home Buyer Guarantee<\/a>.<\/p>\n

First home buyers aren\u2019t the only ones to benefit. The HGS also includes the\u00a0Family Home Guarantee<\/a>, which allows solo parents to buy a home with just a 2% deposit.<\/p>\n

More competition is good news for home loan rates<\/h3>\n

According to Housing Australia, which runs the HGS, first home buyers can now choose from\u00a033 lenders<\/a>\u00a0participating in the scheme.<\/p>\n

This includes most of the big banks (ANZ has not signed up) plus a generous variety of small banks, credit unions and non-bank lenders.<\/p>\n

The extra sweetener is that more lenders can boost competition, which potentially encourages banks to keep their interest rates low for first home buyers.<\/p>\n

Buying with a 5% deposit helps get you into the market sooner<\/h3>\n

Saving a deposit is often the key barrier for first home buyers. And when home prices and cost of living are rising, it can seem like the goal posts are constantly moving out of reach.<\/p>\n

The beauty of the HGS is that it lets first home buyers jump into the property market about\u00a0four years earlier<\/a>\u00a0(on average) than they normally would.<\/p>\n

So, it\u2019s no surprise that last financial year\u00a0one-in-three first home buyers<\/a>\u00a0purchased with the help of the HGS.<\/p>\n

Better yet,\u00a0new data<\/a>\u00a0from Housing Australia shows that first buyers who have tapped into the scheme are now sitting on $82,000 in home equity, on average.<\/p>\n

It\u2019s a great result, especially when you consider that the average first home deposit across the scheme was just $35,200 in 2020, rising to $36,400 in mid-2023.<\/p>\n

Compare that to the average deposit of $159,000 across the broader first-home buyer market, and it\u2019s easy to see how the 5% deposit scheme gives first-home buyers a valuable leg-up into the market sooner.<\/p>\n

How to choose the right loan for you?<\/h3>\n

With more than 40 lenders offering 5% deposit home loans under the HGS, the challenge can be choosing the loan and lender that\u2019s right for your needs (or finding one that will take you on if your application is a bit touch and go, or if you\u2019ve just started your own business in recent years).<\/p>\n

The simple solution is to give us a call.<\/p>\n

We can explain whether you\u2019re eligible for the low-deposit scheme, and answer any questions you may have.<\/p>\n

We\u2019ll also take the time to understand your needs, so you can be confident that the lenders and loan products we put forward to you are a good fit.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

First home buyers with a small deposit now have an even wider range of lenders to choose from. We reveal the latest banks to join the 5% deposit scheme that\u2019s helping more buyers get into the market sooner. First home buyers have just received an early Christmas gift, of sorts, with an uptick in the […]<\/p>\n","protected":false},"author":23,"featured_media":5356,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nMore lenders sign up to low deposit first home buyer scheme · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/more-lenders-sign-up-to-low-deposit-first-home-buyer-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More lenders sign up to low deposit first home buyer scheme · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"First home buyers with a small deposit now have an even wider range of lenders to choose from. 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