New Homes Guarantee Scheme
ScoMo is your guarantor
Still saving for your first home?
No need, we’ve got the solution
Have you been busy manifesting your dream home but can’t quite get those savings in orders (we get it, daily coffees are totally essential.)? Luckily the Gov’ has come to your rescue with the New Homes Guarantee Scheme.
You know how your parents can go guarantor for your home if you don’t have a 20% deposit and don’t want to pay pesky LMI? Well with the New Homes Guarantee Scheme ScoMo will go guarantor for you. You just need to put in 5% of the purchase price, and he’ll cover the other 15%.
Cheat sheet: New Homes Guarantee Scheme
Ok, time to get the lowdown on all things New Homes Guarantee Scheme. When you purchase a property, you generally need 20% deposit or you’ll need to pay the bank a couple of grand in LMI, on a $450k loan with 5% deposit you’d be looking at over $13k in LMI. Yikes. But if you get a spot on the New Homes Guarantee Scheme the bank will waive the LMI costs as the Government is your guarantor. Basically, you’ll save a helluva lotta moolah.
But are you eligible?
You don’t need to be the smartest smartie on the block to know that the New Homes Guarantee Scheme will get you into your own home sooner. You also don’t need to be super smart to work out if you’re eligible, so save your smarts for when it counts. Like choosing your home builder.
The eligibility break down:
- Have a deposit between 5% and 20% of the property’s value
- Be a real life person (no trusts or businesses)
- Aged over 18 years old
- An Australian citizen
- Earnt less then $125k as a single or $200k as a couple last financial year
- Have never owned a residential property in Australia
- Build a new home under $500k
If all of these smarts align for you, congrats! If in doubt, get in touch and we can help you out. (Eligibility criteria correct as of 13/05/2021).
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Can I take advantage of the New Homes Guarantee Scheme?
If you’ve scrolled this far it’s likely! Provide your deets below and our in-house smarties will work out if you qualify.