Buy your first home with just $25,000
Saving up a 20% deposit to buy your first home can seem like an uphill battle, especially with today’s fluctuating property market. As you save, property prices keep climbing, making that 20% target a moving goal.
Luckily, the Australian government offers several grants and support programs to help first-time buyers get into the property market more easily. One of the most beneficial programs is the First Home Guarantee (formerly the First Home Loan Deposit Scheme).
What is the First Home Guarantee?
The First Home Guarantee allows you to borrow up to 95% of a property’s value while only contributing a 5% deposit. Best of all, you won't need to pay the hefty Mortgage Insurance premium, potentially saving you up to $45,000! Plus, with the First Home Buyer Assistance Scheme, the only costs you’ll need to cover on top of your 5% deposit are legal fees and moving expenses.
How to qualify for the First Home Guarantee:
Age
At least 18 years old.
Income
Earn up to $125,000 as an individual or $200,000 as a couple, as per your Notice of Assessment from the Australian Taxation Office.
Occupation
Plan to live in the property as owner-occupiers.
Property ownership
Be a first home buyer or someone who hasn’t owned any property in Australia (including land) in the past ten years.
With only 35,000 spots available and a cap on the maximum purchase price, the demand is high. Don’t miss out! Contact us at Kredi to check if you qualify and learn how much you can save on Lenders Mortgage Insurance.