The Australian Government has introduced some of the biggest changes ever to the First Home Guarantee Scheme, making home ownership accessible to many more Australians.
What's changed?
Buy with just a 5% deposit
No Lenders Mortgage Insurance (LMI)
No income limits
No annual cap on the number of buyers
Higher property price caps across Australia
For many buyers, these changes could mean purchasing a home years earlier than expected while saving tens of thousands of dollars in LMI.
For example, the property price cap in Sydney and NSW Regional Centres has increased from $900,000 to $1.5 million, dramatically expanding the range of homes eligible under the scheme.
Whether you're a first-home buyer, a parent helping your children enter the market, or simply want to understand how these changes affect you, we've prepared a practical guide that explains:
Who is eligible
