First Home Buyer Home Loan 2023 in Australia / Guru Of Jobs

First Home Buyer Home Loan 2023 in Australia, Administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government, the First Home Guarantee (FHBG) is a component of the Home Guarantee Scheme (HGS) that aims to assist qualified first home buyers in purchasing a home at an earlier stage.

The NHFIC guarantees a portion of the home loan from a Participating Lender for eligible first home buyers under the FHBG, enabling them to purchase a home with only a 5% deposit and without the need for Lenders Mortgage Insurance.

The Guarantee for a home loan is limited to a maximum of 15% of the property’s value as assessed by the Participating Lender, and it should be noted that this is not a cash payment or a deposit for a home loan.

Eligible first home buyers can apply for 35,000 FHBG spots between 1 July 2022 and 30 June 2023.

First Home Buyer Home Loan 2023 in Australia Details

  • Minimum deposit required: 5%
  • Number of places available in FY2022-23: 35,000
  • Purchasing history: Must be first home buyers
  • Property type: New and existing homes
  • Borrower eligibility: Single and couple applicants
  • Maximum purchase prices apply
  • See price caps for details.
  • First Home Buyer Home Loan 2023
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Eligibility Criteria For First Home Buyer Home Loan in Australia

  • Home buyers must be applying as an individual or couple (married / de facto)
  • Must be an Australian citizen(s) at the time they enter the loan
  • Should be at least 18 years of age
  • Need to earn up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment issued by the Australian Taxation Office
  • Must be intending to be owner-occupiers of the purchased property
  • Must be first home buyers who have not previously owned, or had an interest in, a property in Australia
  • Access the Eligibility Tool – a short questionnaire to help home buyers identify which Guarantee/s they may be eligible for
  • Contact a Participating Lender for more information, including the full list of eligibility criteria.
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Property Types

  • The FHBG allows home buyers to purchase different types of residential properties, such as:
    • Existing houses, townhouses, or apartments
    • House and land packages
    • Land with a separate contract to build a home
    • Off-the-plan apartments or townhouses
  • The Property Price Cap Tool can be used to check the property price caps for each location.
  • Specific timeframes and criteria apply to each property type, and the contract of sale and eligible building contract may need to be executed by specific dates.
  • For more information, including the full list of property criteria, contact a Participating Lender.
  • First Home Buyer Home Loan 2023

Frequently Asked Questions

How to Apply for First Home Buyer Home Loan?

  • Only Participating Lenders or their authorised representatives (mortgage brokers) can accept applications for the HGS. NHFIC does not accept applications or provide personal financial advice.
  • First Home Buyer Home Loan 2023
  • Home buyers and their advisors should consult with a Participating Lender and seek independent financial and legal advice to determine if a specific home loan or property, and the HGS terms, are suitable for personal circumstances and objectives.
  • Before entering into a home loan agreement, home buyers should discuss with their lender or broker the potential effects of interest rate or house price changes on their individual circumstances.
  • First Home Buyer Home Loan 2023
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