In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
The aim of the First Home Guarantee scheme is to allow the time first home buyers to save as little as 5% deposit to buy a home without paying LMI (Lenders Mortgage Insurance) as the government guarantees the LVR from 80-95%.
To qualify you must:
- Have minimum 5% deposit as genuine savings (normally 3 months history)
- Be an Australian citizen or permanent resident
- 18 years of age or over
- Individuals earning up to $125,000 and joint applicants up to $200,000 combined (shown on your previous year ATO Notice of Assessment)
- Intending to live in the property purchased, Owner Occupied purpose
- Be a first time home buyer OR haven’t had an ‘interest’ in a property in past 10 years
There are property price caps depending on state, city and regional areas.
