Money matters with Effie
Sep 07, 2022
3 minutes
1. Low-deposit home buyer schemes
The federal government’s Home Guarantee Scheme has two parts:
First Home Guarantee
This is open to 35,000 first home buyers this financial year. It can let you get into the market with 5 per cent deposit, and as the federal government guarantees the remaining 15 per cent, you don’t pay Lenders Mortgage Insurance (LMI) – a big saving.
To be eligible, singles can earn up to $125,000 annually, or $200,000 for couples combined. Price limits also apply to the home you buy as shown in the table (opposite page).
Family Home Guarantee
Single parents can access the Family
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