Unlock your dream with the Home Guarantee Scheme
At Buyvest, we understand the significance of buying your first home, and we are here to make it easier with the Home Guarantee Scheme. Let's explore how this scheme can help you unlock the door to your dream home.
Understanding the Home Guarantee Scheme
The Home Guarantee Scheme (HGS) comes with three options, each designed to cater to different home-buying needs:
First Home Guarantee: Perfect for those eyeing both new and existing properties. Whether it's a newly built home, an off-the-plan property, or a substantially renovated residence, the standard HGS has got you covered.
Regional First Home Buyer Guarantee: This option is tailored for buyers looking to settle in designated regional areas. It's a great choice if you're seeking a lifestyle change or value the unique charm of regional living.
Family Home Guarantee: Specially designed for single parents and legal guardians (including aunts, uncles, and grandparents), this guarantee eases the path to homeownership, recognising the challenges faced by single-parent families.
Eligibility and key requirements
You can take advantage of the Home Guarantee Scheme if you:
Are an Australian citizen or permanent resident and over 18 years old.
No income limits – all income levels accepted from 1st of July 2025
Are a first-time home owner or haven’t owned a home in the last 10 years.
Plan to live in the property as your primary residence – no investment properties here!
Have a minimum deposit of 5% as it’s required for most applicants, but for the Family Home Guarantee, it's just 2%.
Meet the application criteria for your desired guarantee.
Check what applies in your desired area as purchase caps vary by location and postcode.
Your next steps start by thoroughly reviewing the eligibility criteria for your chosen Home Guarantee Scheme option. The Eligibility Tool is a short questionnaire to help home buyers determine which guarantee/s they may be eligible for.
At Buyvest, we are your local mortgage broker, committed to guiding you through every step of the home buying process. Our experts with over a decade of experience will ensure you receive the most relevant and helpful advice. Reach out to us and let's make your dream of homeownership a reality.
Pre-approval under the Home Guarantee Scheme
Securing a mortgage pre-approval is your gateway to understanding how much you can borrow. It's important to note the Home Guarantee Scheme (HGS) has a limited number of spots available, so it’s important to secure your position early in the process. Your pre-approval will be based on a preliminary assessment of your finances; give you a clearer picture of your budget; enhance your negotiating power; build your confidence as you enter the property market; and most importantly potentially get allocated a spot in the HGS.
Property search and deposit considerations with Home Guarantee Scheme
Embarking on the search for your dream home within the parameters of the Home Guarantee Scheme (HGS) can be a fulfilling experience. At Buyvest, our goal is to guide you seamlessly through this exciting phase. Let’s delve into the key steps involved:
Finding a suitable property:
Begin by exploring properties that align with the price caps set for your selected HGS option. You can find these price thresholds on the NHFIC website. Remember, the HGS enables you to purchase a property with as little as a 2% to 5% deposit, broadening your property options.
Negotiating the contract of sale:
Once you’ve found a property you love, it’s time to negotiate and finalise a contract of sale with the seller, and include any necessary conditions. It's important to note that while the HGS under Family Home Guarantee supports a 2% deposit, some real estate agencies might ask for a standard 5% holding deposit.
Discussing deposit options with the real estate agent:
When interacting with the real estate agent, it’s crucial to inform them about the HGS and inquire about their openness to proceeding with a 2% deposit. If they require a higher deposit, don’t worry – there are alternatives like using a Deposit Power Guarantee.
Understanding Deposit Power Guarantee:
A Deposit Power Guarantee is an innovative financial solution acting as a substitute for a cash deposit. It’s a certificate you provide to the seller, ensuring the deposit amount will be paid at settlement. This tool is particularly useful in securing a property without immediately tying up your funds.
Budgeting for additional costs:
When planning your property purchase, factor in additional costs such as stamp duty (if applicable), solicitor or conveyancing fees, and costs associated with using a Deposit Power Guarantee.
By carefully considering these aspects and exploring your options, you can effectively manage the home-buying process under the HGS. At Buyvest, our mortgage brokers are here to support and guide you through each step. Contact us today, and let’s make your property dreams a reality.
Unconditional Approval under the Home Guarantee Scheme
Starting your journey to homeownership with the Home Guarantee Scheme (HGS) is an exciting endeavour. At Buyvest, we’re here to guide you through the final stages of securing your dream home. Let’s break down the steps involved in finalising your property purchase.
Securing a contract of sale:
The first step is to finalise a contract of sale with the seller. This contract will include all the important details of the sale, including the price, conditions, and any HGS-related approvals. It's crucial to negotiate terms that align with your needs and the requirements of the HGS.
Obtaining unconditional approval:
Once your contract of sale is in hand, present it to us so we can request the final approval for your loan under the HGS. This step is vital as it confirms your financial backing and secures your position as a buyer.
Proceeding to settlement:
With the final approval from your lender, you're all set to complete the purchase of your new home. Settlement is the final stage where all the legal and financial transactions are completed, and the property officially becomes yours.
Celebrating your new homeownership:
The successful completion of these steps marks the beginning of your journey as a homeowner. The HGS has made it possible for many Australians to achieve their dream of owning a home, and now it’s your turn to celebrate this significant milestone.
At Buyvest, we take pride in guiding our clients through each step of their home buying journey, especially when it involves beneficial schemes like the HGS. Remember, our team of experienced advisors is always here to assist you with any queries or support you may need. Welcome to your new home, and here’s to the beginning of an exciting new chapter in your life!
Reach out to us and let's make your dream of homeownership a reality.
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The comfort of a new home, made possible through the Home Guarantee Scheme.
Buyvest helps first home buyers turn these moments into reality with expert guidance.
Important stuff:
Please note that the views and opinions expressed in this post are general information only, and this is not financial advice.
Any advice and information is provided by Buyvest Pty Ltd ABN 91 684 841 496, Australia Credit Licence No. 567392 and is general in nature, for educational purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without considering your objectives, financial situation or needs. Therefore, consider the appropriateness of the advice for your situation and needs before taking any action. It should not be relied upon to enter into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement concerning your circumstances before deciding whether to acquire the product. You can obtain a copy of the PDS by emailing hello@buyvest.com.au. If you want to change your financial circumstances, such as applying for a loan, all loan applications are subject to credit approval.
All information on this website is subject to change without notice.
