This is a Federal Government initiative to help home buyers purchase their first home, without owning a portion of the property!!
There are two different scheme options with one being the First Home Guarantee (FHG) or the Regional First Home Guarantee (RFHG).
For the current Financial Year 2024-25, there are 35,000 places in the FHG and an additional 10,000 places for the RFHG, which means there are plenty of positions available for you to utilise.
There are some criteria required to be eligible, which include:
- An Australia Citizen or Permanent Resident, who is at least 18 years old
- Purchasing a property for the first time
- Must be an owner-occupied purchase
- Individuals can earn up to $125,000 to be eligible
- Joint Applicants can earn up to $200,000 combined to be eligible
- Minimum 5% genuine savings
- Meet the property price cap for the area
Depending on the area you are looking to purchase a house, it will determine which scheme you are able to use but also what documents need to be provided to be eligible.
These documents include:
- Most recent Notice of Assessment (NOA)
- Medicare Card
And if using the RFHG:
- A utility bill/statement from 12 months prior, to demonstrate living regionally for at least the last 12 months
Whilst this scheme is only available with specific lenders, it is a great help to get yourself into the market and purchase your first house!
If you would like to learn more, click here to contact us!