Government Home Buying Schemes Could Save You Thousands If You Avoid This Mistake
Buying your first home in Australia is exciting. But it can also feel overwhelming. There are so many options, rules, and deadlines. The good news? Government home buying schemes can save you tens of thousands of dollars. The bad news? Most first-time buyers miss out — simply because they make one costly mistake. They apply without fully understanding their eligibility. This article breaks down everything you need to know, step by step. What Exactly Are Government Home Buying Schemes? They are government-backed programs designed to help first home buyers enter the property market sooner. These schemes reduce the financial barriers that usually hold people back like saving a 20% deposit or paying expensive Lenders Mortgage Insurance (LMI). The most well-known of these is the First Home Guarantee Scheme (FHBG) , also called the Home Guarantee Scheme (HGS). It is run by Housing Australia on behalf of the Federal Government. Under this scheme, the government guarantees up to 15% of...