The Australian Government has come to the rescue with the First Home Guarantee – a scheme designed to help first home buyers secure a home loan with just a 5% deposit.
The First Home Guarantee has been gaining popularity since its introduction in mid-2022, and it’s easy to see why. With property prices soaring, it can be challenging for first home buyers to save up a sizeable deposit. This scheme reduces the required deposit to just 5%, making it easier for first home buyers to get a foot on the property ladder.
However, it’s essential to note that not all lenders have access to the First Home Guarantee, so it’s worth speaking to a broker at Mortgage Innovations, who can provide advice and assistance in accessing the scheme. The scheme won’t be around forever, and places are limited, so it’s best to explore your options now before the government guarantee is removed.
While it’s important to note that there are other factors to consider when buying a property, such as ongoing costs and long-term affordability, the First Home Guarantee is undoubtedly an attractive option for first home buyers looking to get a foot on the property ladder.
In conclusion, the First Home Guarantee is a fantastic opportunity for first home buyers to secure a home loan with just a 5% deposit. However, with limited places and the scheme expected to end at some point, it’s essential to speak to a broker at Mortgage Innovations to explore your options and take advantage of the scheme while it’s still available.
Arranging finance can be stressful, especially with some lenders now taking extra steps including going through your living expenses and credit scoring (ouch!). And sometimes banks can make you feel like ‘just a number’. That’s why we want to do things differently: because you deserve better.
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