Chasing a Home Guarantee Scheme spot?
Have you heard about the government’s Home Guarantee Scheme?
Well, if you haven’t then you better educate yourself quickly!
Previously known as the First Home Loan Deposit Scheme, the Home Guarantee Scheme allows you to buy your first home with just a 5% deposit.
Plus pay no lenders’ mortgage insurance (LMI), saving you anywhere between $4,000 to $35,000.
First home buyers who use the scheme could fast-track their property purchase by 4 to 4.5 years on average, because they’re not saving the standard 20% deposit.
Competition for the 35,000 spots is fierce, so here’s how QPF can give you the best possible chance of securing a place.
When assessing your application, banks require you to provide them with an accurate picture of your monthly expenses and discretionary spending, which can take a little time to put together.
We can help you calculate your monthly budget – which includes your income and expenses and then crunch those numbers to give you an idea of your borrowing capacity.
This is especially important if you want a spot in the Home Guarantee Scheme, because it has borrowing caps depending on where you want to buy.
Last but not least, you might have heard interest rates are almost certain to increase over the next 12 months – so it’s also important to factor in a little buffer if needed.
Get the ball rolling today.
Places in the Home Guarantee Scheme are generally allocated on a first-come, first-served basis, and they’ll be snapped up pretty quickly.
So, if you’re a first home buyer looking to crack into the property market sooner rather than later, get in touch today.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.