Finally get off the rollercoaster of offering #allthethings by uncovering your true potential
Expert buyer’s advocate, founder of Amy Lunardi Property and the host of The First Home Guidebook - an educational podcast & online course
that empowers first-home buyers with all the necessary tools and knowledge needed to buy their first home.
Ready to turn your dreams of owning a place into reality? The First Home Guarantee Scheme is a government initiative all about helping eligible buyers get into the property market faster and with less stress. Say goodbye to hefty deposits and pesky mortgage insurance.
To sum it up, the Scheme allows you to purchase a property with a deposit as little as 5% and effectively, the Government acts kind of like your parental guarantor for the loan so you don’t have to pay lenders mortgage insurance (which is an extra annoying cost you usually have to pay if you have less than a 20% deposit).
It’s important to note that the Guarantee provided under the FHBG is not a cash payment or a deposit for a home loan. Instead, it serves as a safeguard (also known as a ‘security’) for the bank, which replaces the need for a higher deposit. Make sense?
Let’s delve deeper into the nitty gritty stuff –
To wrap it up, the First Home Guarantee Scheme could be your ticket to the homeownership party. Whilst buying a property with a smaller deposit does have its drawbacks, it does mean that you can get into the market sooner.
A must-have checklist for any aspiring property buyer - you’ll never look at a property the same way again.
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