First home buyers and single parents get more housing support

The federal government has allocated another 50,000 places across Australia to its Home Guarantee Scheme (HGS) for the 2024-25 financial year.

That includes 35,000 places for the First Home Guarantee and 10,000 for the Regional First Home Buyer Guarantee. Under the first program, the government supports eligible first home buyers to purchase a property with a 5% deposit, without having to pay lender’s mortgage insurance (LMI). The second program is identical, but applies to regional applicants purchasing regional properties.

The HGS also includes 5,000 places for the Family Home Guarantee, through which the government helps eligible single parents and single legal guardians to purchase a property with a 2% deposit, without paying LMI.

For all three schemes, applicants must be owner-occupiers. Income caps apply ($125,000 for single applicants, $200,000 for joint applicants), as do property price caps (which vary from state to state).

The HGS has strict conditions and is not available through all lenders. If you’re unsure whether you’re eligible or how the scheme works, reach out and I’ll be happy to help.