What is the Home Guarantee Scheme?
Understanding the First Home Guarantee: How to Buy a Home with Just 5% Deposit
In our latest Money Brief, we explore the First Home Guarantee, a government initiative allowing individuals to purchase a home with just a 5% deposit.
The scheme, which originally required buyers to be either unmarried individuals or in a de facto relationship, now extends to siblings, friends, and groups of more than two people.
Learn how this initiative helps buyers avoid lenders mortgage insurance, a significant barrier for those with smaller deposits, by providing a government guarantee that makes home loans less risky.
00:00 Introduction to the First Home Guarantee
00:08 Eligibility and Expansion of the Scheme
00:32 Benefits of a 5% Deposit
01:03 Role of the Federal Government
Podcast links:
Listen on Apple Podcasts: https://apple.co/3mV0Cbr
Listen on Spotify: https://spoti.fi/3fSPI2h
Website: https://moneymag.com.au
Email: podcast@moneymag.com.au
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