The Federal Government is expanding the Home Guarantee Scheme starting 1 October, and this change is set to make home ownership a more attainable goal for many. Here’s what it means, and how Integrity Finance can help you take advantage.
What’s Changing?
Income caps removed.
Previously, single applicants needed to earn under $125,000 and joint applicants under $200,000. These restrictions are being lifted.Property price thresholds lifted.
In many capitals, the maximum property price you can buy under the scheme is being raised to $1 million or more. That opens up many more suburbs.Lower deposit required.
You’ll now only need a 5% deposit. Plus, the Government will act as guarantor for 15% of the loan, meaning you can avoid lender’s mortgage insurance.
What this might mean for you
More choice. You’ll have a much wider selection of suburbs to consider, not just outer or regional areas.
Easier access. Without income caps, and with reduced deposit requirements, more buyers will be able to get on the housing ladder.
Important to plan carefully. Even though thresholds rise, prices do too. It’s still crucial to borrow what you can comfortably afford and to understand all loan terms.
How Integrity Finance Australia can help
At Integrity Finance, we understand how confusing navigating home-loan schemes can be. Here’s where we step in:
Free eligibility check. We’ll help you see if you qualify under the new scheme.
Tailored home-loan options. We compare rates and features so you get a loan that works for you.
Support through the process - from deposit planning to settlement