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What Low Deposit Loan Assistance is Available to me To Buy a Home

The Australian Home Guarantee Scheme (HGS) is a government initiative that helps eligible borrowers purchase a home with a smaller deposit. The scheme was introduced in 2019 and has been expanded several times since then.

On 1 July 2023, a number of changes to the HGS came into effect, including:

  • Permanent residents are now eligible. Previously, the HGS was only available to Australian citizens. However, from 1 July 2023, eligible borrowers who are Australian permanent residents will also have access to the scheme.
  • Joint applications are now allowed. Previously, only single applicants were eligible for the HGS. However, from 1 July 2023, two eligible individuals can now apply for the scheme together. This is a welcome change for couples and friends who are looking to buy a home together.
  • Previous home owners can now apply. Previously, only first home buyers were eligible for the HGS. However, from 1 July 2023, eligible borrowers who have previously owned a home can also apply for the scheme, as long as they have not owned a property in the past 10 years. This is good news for people who are looking to buy a new home after selling their previous one.

In addition to these changes, the HGS has also been expanded to include 10,000 new places for eligible single parents with at least one dependent child who have a deposit of as little as 2%.

These changes to the HGS make it more accessible to a wider range of borrowers. If you are thinking about buying a home, it is worth checking to see if you are eligible for the scheme.

Can I apply for the Home Guarantee Scheme if I have previously owned a home?

Yes, from 1 July 2023, eligible borrowers who have previously owned a home can apply for the HGS, as long as they have not owned a property in the past 10 years.

This is good news for people who are looking to buy a new home after selling their previous one, or for people who have previously owned a home but have since separated or divorced.

To be eligible for the HGS, you must also meet the following criteria:

  • You must be an Australian citizen or permanent resident.
  • You must be at least 18 years old.
  • You must have a deposit of at least 5% (2% for the Family Home Guarantee).
  • You must intend to be an owner-occupier of the purchased property.

If you are interested in applying for the HGS, you should contact a participating lender.

What are the benefits of applying for the Home Guarantee Scheme?

The main benefit of applying for the HGS is that you can purchase a home with a smaller deposit. This can make it easier and more affordable to buy a home, especially in expensive markets.

In addition, the HGS can help you to avoid paying lender’s mortgage insurance (LMI). LMI is a type of insurance that protects the lender in case you are unable to repay your loan. However, it can be expensive, so avoiding LMI can save you a significant amount of money.

How can I apply for the Home Guarantee Scheme?

To apply for the HGS, you must contact a participating lender. A participating lender is a lender that has agreed to participate in the scheme.

You can find a list of participating lenders on the National Housing Finance and Investment Corporation (NHFIC) website.

Once you have contacted a participating lender, they will be able to help you to assess your eligibility for the scheme and to apply for a loan.

Conclusion

The Australian Home Guarantee Scheme is a great way for eligible borrowers to purchase a home with a smaller deposit. The recent changes to the scheme make it more accessible to a wider range of borrowers, including permanent residents, joint applicants, and previous home owners.

If you are thinking about buying a home, it is worth checking to see if you are eligible for the HGS by contacing your Origin Finance Broker by calling 1300 30 6767 or filling in the enquiry form on this page.

 

Exciting News for First Home Buyers in New South Wales: Stamp Duty Subsidy Increased to $1,000,000

 

New South Wales (NSW) has introduced a game-changing initiative for first home buyers. The government has recently announced a significant increase in the stamp duty subsidy, offering eligible individuals a substantial benefit of up to $1,000,000. This move aims to alleviate the financial burden and make homeownership dreams more attainable for first-time buyers in the state.

Breaking Down the Changes: Previously, the NSW government had implemented a stamp duty exemption for first home buyers on new and existing properties valued up to $650,000, with concessions available for properties valued between $650,000 and $800,000. However, in response to the ever-increasing property prices and the desire to support first home buyers further, the government has decided to expand the subsidy threshold significantly.

The updated stamp duty changes now provide an exemption for first home buyers on properties valued up to $1,000,000, allowing them to save thousands of dollars during the property purchasing process.

This substantial increase in the stamp duty subsidy is expected to have a positive impact on first home buyers in NSW. With the higher threshold, many aspiring homeowners will be able to enter the property market sooner, potentially allowing them to secure a property that better suits their needs.

Exciting News for First Home Buyers in New South Wales: Stamp Duty Subsidy Increased to $1,000,000

Exciting News for First Home Buyers in New South Wales: Stamp Duty Subsidy Increased to $1,000,000

By reducing the upfront costs associated with purchasing a home, the government aims to encourage more individuals to take that important step towards homeownership. This move not only supports first home buyers but also stimulates the housing market and fosters economic growth in the state.

Government’s Commitment: The NSW government has shown its commitment to helping first home buyers by continually reviewing and updating policies that align with the evolving needs of the community. By increasing the stamp duty subsidy, they are addressing the challenges faced by many in entering the property market and realizing their dreams of owning a home.

It is worth noting that the stamp duty subsidy is just one aspect of the government’s broader initiatives to support first home buyers. Various other incentives and programs, such as the First Home Owner Grant and the First Home Loan Deposit Scheme, are also available to provide further assistance.

Conclusion: The recent increase in the NSW stamp duty subsidy to $1,000,000 is excellent news for first home buyers in the state. This substantial enhancement aims to alleviate the financial strain on prospective homeowners and make it easier for them to enter the property market. By reducing upfront costs, the government hopes to pave the way for more individuals to achieve their dreams of homeownership, stimulate the housing market, and contribute to the overall economic growth of New South Wales.

Call your first home specialist at Origin on 1300 30 6767 or enquire through the form on this page

 

 

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Origin Finance is one of Australia’s most respected mortgage brokers. We provide our clients with access to a large panel of lenders with an extensive range of home loan products. Many of these lenders are well-known banks, many others are household names who only lend through brokers; others still are specialist lenders who can meet diverse financial circumstances. Origin helps you make the right home or investment loan choice. Call us today 1300 30 67 67.

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