Here are some key strategies to maximise the benefits of the Home Guarantee Scheme:
Understand Your Eligibility
Each component of the HGS caters to different demographics and has unique eligibility requirements. For instance, to benefit from the FHBG, you must be an Australian citizen, a first home buyer, and intend to be an owner-occupier of the purchased property. The RFHBG requires home buyers to have lived in the regional area they are purchasing in for the preceding 12 months.
Plan your finances
The minimum deposit required for both the FHBG and RFHBG is 5% of the value of the qualifying property. However, the specific deposit amount can vary depending on the lender and your individual financial situation. It's essential to plan your finances appropriately to prepare for this commitment and any unexpected costs that may arise.
Choose the right property type
The HGS covers a range of property types, from existing houses and apartments to house and land packages and off-the-plan properties. Each option has its own advantages and considerations. Choosing a property type that best suits your financial capacity and lifestyle preferences can maximise the benefits you receive from the scheme.
Consider Regional Options
If you've lived in a regional area or have considered moving to one, the RFHBG offers an excellent opportunity. Understanding the regional property market can help you leverage this opportunity effectively. Not to mention everyone loves a tree or sea change. We might be biased, but we absolutely adore both the Mid North Coast and Parkes areas.
Partner with the Right Lender
The HGS is offered through a panel of participating lenders, each with its own criteria and loan offerings. Navigating this landscape and choosing a lender that not only fulfils the requirements of the HGS but also aligns with your personal financial circumstances and homeownership goals can be instrumental in maximising your benefits.