Unlock Your Dream Home with the First Home Buyer Guarantee Scheme

Buying a first home is exhilarating, but it's also financially intimidating. Luckily, the First Home Buyer Guarantee (FHBG) Scheme is an initiative by the Australian government to make owning a home within reach. We, at FHBA, provide a full guide on how you can access the government home buying schemes. This guide explains to you the key elements of the First Home Buyer Guarantee scheme and how it benefits you.

What is the First Home Buyer Guarantee Scheme?

The First Home Buyer Guarantee Scheme, commonly referred to as the First Home Government Scheme, assists first home buyers in purchasing a property with a lower deposit. It gives the opportunity for eligible first-time buyers to get a home loan with as low as 5% deposit without Lenders Mortgage Insurance payment. It can save a lot on the upfront costs that one pays while buying a home.

Eligibility Criteria

To qualify for the First Home Buyer Guarantee Scheme, you must meet the following criteria:

  • Be an Australian citizen at the time of the loan application.
  • Be at least 18 years old.
  • Be a first-time home buyer.
  • Have a deposit of at least 5% but less than 20% of the property’s value.
  • Meet the income requirements: up to $125,000 per annum for single applicants and up to $200,000 for couples.
  • Plan to live in the property as your principal place of residence.

Benefits of the FHBG

  • Lower Deposit Requirements: You can buy a home with a deposit as low as 5%.
  • No Lenders Mortgage Insurance: Save on the cost of LMI, which is usually required if your deposit is less than 20%.
  • Government Support: The scheme is backed by the Australian Government, providing peace of mind for first-time buyers.
  • Accessible to Many: With broad eligibility criteria, the scheme is accessible to a wide range of first-time buyers.

How to Apply for the First Home Buyer Guarantee Scheme

Step 1: Check that you are Eligible

Before you apply, ensure that you agree with or check box all of the above-mentioned eligibility criteria. You can utilize FHBA's eligibility checking tool to get a preliminary check.

Step 2: Get Your Documents in Line

Gather all documents required in order; you will need your proof of income, identification, and your details of savings. Having this in advance will considerably speed up the application process.

Step 3: Locate a Participating Lender

The First Home Buyer Guarantee Scheme is provided through a network of participating lenders. FHBA will help you seek out a lender suiting your needs and guide you through the application.

Step 4: Submit Your Application

Once you've chosen a lender, apply with all your documents. The lender will then closely look at your application, and if everything is okay, you can proceed toward getting into your first home with the help of FHBG.

Why Choose FHBA?

First-home buyers, FHBA is particularly an expert in getting first-time buyers into homes through government schemes such as the First Home Buyer Guarantee Scheme. Our expert team will guide and assist you throughout the process to ensure you get the best possible chance of securing your dream home. Drawing from extensive knowledge and experience, we understand how to assure a smooth and hassle-free journey toward homeownership.

First Home Buyer Guarantee Scheme— This is an excellent opportunity for first-time buyers to step into the property market, which had been off-limits with these huge financial hurdles. Be aware of the eligibility criteria, benefits of the scheme, and how to apply for the scheme to reap maximum benefits from this government initiative. Let FHBA get you on your way to owning a home confidently.

Call 1800342287 or visit our official website.

Location: Australia

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