{"id":5423,"date":"2024-05-09T10:08:27","date_gmt":"2024-05-09T00:08:27","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5423"},"modified":"2024-05-09T10:08:27","modified_gmt":"2024-05-09T00:08:27","slug":"low-deposit-scheme-helps-over-150000-families-buy-sooner","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/low-deposit-scheme-helps-over-150000-families-buy-sooner\/","title":{"rendered":"Low deposit scheme helps over 150,000 families buy sooner"},"content":{"rendered":"

\"\"Whether you\u2019re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue \u2013 everyone loves a good time-saving hack. Well, today we\u2019ll let you in on a scheme that could get you into your first home years \u2013 yep years \u2013 sooner!<\/strong><\/p>\n

When you\u2019re saving for a first home, growing a 20% deposit can be a tough challenge.<\/p>\n

It\u2019s certainly not made any easier by\u00a0national property values soaring higher each month<\/a>\u00a0and cost of living challenges.<\/p>\n

But there is one potential solution that has seen\u00a0156,000 first home buyers, single parents and regional Australians<\/a>\u00a0buy or build a home of their own over the past four years \u2013 it\u2019s the federal government\u2019s\u00a0Home Guarantee Scheme<\/a>\u00a0(HGS).<\/p>\n

How to buy with just a 5% deposit<\/h3>\n

The HGS helps eligible first home buyers and single parents buy a home sooner by requiring only a small deposit.<\/p>\n

The scheme has three different parts.<\/p>\n

First home buyers can take advantage of the\u00a0First Home Guarantee<\/a>, or the\u00a0Regional First Home Buyer Guarantee<\/a>\u00a0if they live outside a major city, while the\u00a0Family Home Guarantee<\/a>\u00a0is pitched at single parents buying a home.<\/p>\n

The common thread is that the scheme lets eligible buyers get started on the property ladder with a smaller deposit \u2013 and no need to pay lenders mortgage insurance (LMI).<\/p>\n

First home buyers may need as little as a 5% deposit, while solo parents can buy with just a 2% deposit.<\/p>\n

The HGS doesn\u2019t provide a cash payment or a deposit for a home loan.<\/p>\n

Instead, the Federal Government guarantees the loan, which is the key to buying with a small deposit while avoiding LMI.<\/p>\n

A head start on the property ladder<\/h3>\n

The big plus of the HGS is that it gives buyers a head start in the property market.<\/p>\n

According to\u00a0Domain\u2019s latest First Home Buyer Report<\/a>, it can take over six years to save a 20% deposit on an entry level home, depending on where you buy.<\/p>\n

The catch is that by the time you\u2019ve saved that sort of deposit, home prices may have soared higher, pushing the goal posts further out of reach.<\/p>\n

However, 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

Not all lenders are part of the HGS<\/h3>\n

The HGS does have eligibility requirements, including income thresholds and property price caps that differ by state.<\/p>\n

Give us a call, and we can explain whether or not you\u2019re eligible.<\/p>\n

The other thing to be aware of is that not all banks have signed up to the HGS.<\/p>\n

That\u2019s why it\u2019s so important to speak to us at an early stage.<\/p>\n

We can save you plenty of time, by explaining which lenders offer low deposit\/no LMI home loans under the HGS, and put forward to you loans and lenders that suit your needs.<\/p>\n

Don\u2019t delay, places are limited<\/h3>\n

The HGS is only available to a limited number of home buyers each financial year.<\/p>\n

And not surprisingly, places tend to fill fast.<\/p>\n

So if you\u2019d like to find out more about using the scheme in the rapidly approaching new financial year \u2013 and whether you might be eligible to buy with just a 5% deposit and zero LMI \u2013 get in touch today.<\/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":"

Whether you\u2019re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue \u2013 everyone loves a good time-saving hack. Well, today we\u2019ll let you in on a scheme that could get you into your first home years \u2013 yep years \u2013 sooner! When you\u2019re saving for a first home, […]<\/p>\n","protected":false},"author":23,"featured_media":5424,"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-5423","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nLow deposit scheme helps over 150,000 families buy sooner · 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\/low-deposit-scheme-helps-over-150000-families-buy-sooner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Low deposit scheme helps over 150,000 families buy sooner · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Whether you\u2019re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue \u2013 everyone loves a good time-saving hack. 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