First time buyers moving into their new home with the HGS First time buyers moving into their new home with the HGS

Are you eligible for one of the 50,000 new places available on the Home Guarantee Scheme?

This month, 50,000 more places became available on the Home Guarantee Scheme, which supports first-time buyers, single parents, and those living in regional areas in their property purchases.

What is the Home Guarantee Scheme? 

Known as the ‘HGS or Scheme’ - the Australian Government initiative has already seen more than 160,000 Australians buy or build their own homes since its launch in January 2020.

Housing Australia administrators of HGS work with 32 national lenders to facilitate eligible buyers applying for loans who meet all of the usual criteria but are struggling to afford the 20% deposit required, providing up to 15%-18% of the home loan value depending on the criteria. 

What Schemes Will Be Offered?

There are currently three schemes in place that are offering new places for the new financial year:

  • 35,000 places for the First Home Guarantee (FHBG);
  • 10,000 places for the Regional First Home Buyer Guarantee (RFHBG)
  • 5,000 places for the Family Home Guarantee (FHG)

How Can A Mortgage Broker Help?

The only way to apply for the HGS is through a mortgage broker firm or dedicated representative service, which is where we come in! 

We can help you with your application for the HGS scheme, looking over your unique circumstances against the eligibility of the three schemes currently available and exploring the best loan options and interest rates offered by the 32 lenders participating in the program. 

We can also hold your place in the HGS scheme for a short period to help you prepare your application, allowing you additional time to prepare documents and review your options. 

For reservations for a Scheme Place made by a Participating Lender on or after 1 July 2024, the 2023-24 NOA will be required.

A Participating Lender can provide a 90-day expiry period while the NOA is being obtained; however, it will be required prior to any Guarantee being issued and settlement occurring.

Please reach out to my team today to discuss your eligibility for the Home Guarantee Scheme and support your application:

Call the team: 0295706699

Fill in our Contact Us form to express your interest in HGS


Published: 22/7/2024
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