Are you a single parent? Struggling to buy a new home due to low deposit? The Family Home Guarantee may help.
The government has just announced a further 5,000 places per year to 30 June 2025 for the Family Home Guarantee. With the median house price in Perth currently $535,335 (an increase of 8.6% in the last 12 months), it means to avoid paying lenders mortgage insurance to buy a $500,000 house you would need a deposit of over $123,000.
The government incentive means you may need as little as 2%! That is a huge difference from the usual 20% deposit requirement, or could save you thousands of dollars in lenders mortgage insurance along with potentially a lower home loan rate!
Whether you are looking to buy your first home, build a home or re-join the property market, the Family Home Guarantee (“FHG”) could well be the answer for you.
Are you eligible?
If you are a single parent looking to buy a home with at least one dependant you could be eligible. You need to be over 18 of course and earn less than $125k a year. Apologies to all those on PR and Kiwis out there but you also need to be an Aussie citizen!
You must want to live in the house and it cannot be worth more than $500,000 within the metro area or $400,000 within the rest of WA.
To find out more information about the scheme and whether you might be eligible, you can find the fact sheet here: FHG Fact Sheet
What do you need to do next?
There will be only 10,000 families that will benefit from the FHG over the next four years, so get in quick if you want to score that dream home!
To find out if you are definitely eligible, run some figures or if you have any other questions, you can arrange an appointment just contact us or call the office on 9304 9682.