Regional Home Buyer Guarantee, First Home Guarantee Scheme and Family Guarantee

Saving a deposit to buy your first home is a difficult exercise especially if you are already paying rent on your existing home.     But did you know that you may not need a 20% deposit?  Infact, if you are eligible for the concessions and schemes available to eligible first home buyers you may be able to purchase your first home with as little as a 5% deposit.

There are a number of schemes currently available to assist people in purchasing a home to live in. The schemes assist by reducing the size of the deposit required to purchase a home. These schemes include:

First Home Guarantee (FHBG) - Aimed at people who have never owned a property before.

Regional First Home Buyer Guarantee (RFHBG) - Aimed at people who live in regional centres (any where outside of the capitals is considered regional under this scheme) who have never owned a home before. This scheme is open to people who have previously owned an interest in a property but have not owned an interest in a property for more than 10 years.

Family Home Guarantee (FHG) - Aimed at single parent families.

The NSW Government also provides a stamp duty exemption for first home buyers.  

The schemes all have eligibility criteria   If you are interested in finding out more about these schemes and if you qualify for them then give me a call or send me an email.

In addition to the schemes that assist with the purchase, there is also the First Home Super Saver Scheme.  This scheme allows you to save for the deposit on your first home within the tax-effective super environment. You can read about using super to save for a deposit on the Australian Tax Office Website which you can access here.

As a mortgage broker in Newcastle for the past 14 years I have assisted hundreds of first home buyers to understand the concessions available and assisted them to apply for them.

If you are a first home buyer and want to understand what assistance is available to you then please give me, Margaret Godfrey, a mortgage broker in Newcastle a call on 0451 471 061 or email me at margaret.godfrey@mortgagechoice.com.au