First Home Buyers

Understanding the Home Guarantee Scheme 

Buying your first home can feel overwhelming, but the Home Guarantee Scheme (HGS) in Victoria is here to make it easier. This government initiative helps eligible first-home buyers enter the market sooner with a lower deposit, making homeownership more accessible.

How Does the Home Guarantee Scheme Work? The HGS allows first-home buyers to purchase a property with as little as a 5% deposit, without the need for costly Lenders Mortgage Insurance (LMI). The government acts as a guarantor, covering the difference so that buyers can secure a home loan with more favorable terms. This means you can get into your dream home faster while saving thousands on additional costs.

There are different guarantees available under the scheme, including:

• First Home Guarantee (FHBG): Designed for first-home buyers looking to purchase a home with a smaller deposit.

• Regional First Home Buyer Guarantee (RFHBG): Supports those buying in regional areas.

• Family Home Guarantee (FHG): Assists eligible single parents in securing a home with an even lower deposit.

Stamp Duty Concessions in Victoria In addition to the Home Guarantee Scheme, first-home buyers in Victoria can benefit from significant stamp duty concessions. If you are purchasing a home valued at up to $600,000, you may be eligible for a full exemption, meaning you won’t have to pay any stamp duty. For properties valued between $600,000 and $750,000, a concession applies on a sliding scale. This can result in substantial savings, making it easier for first-home buyers to enter the market with lower upfront costs. These exemptions and concessions vary from state to state book in for chat to see if you qualify.

My Passion for Helping First-Home Buyers As a former lecturer, I’ve always loved breaking down complex topics into simple, easy-to-understand concepts. Buying your first home is a huge milestone, and my goal is to guide you through the process with confidence. With my expertise, I can help you navigate government schemes like the HGS, ensuring you maximize the benefits available to you.

If you're a first-home buyer and need expert guidance, I’d love to help! Reach out to learn more about how we can make your homeownership dream a reality.

 

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