| The Australian Government has announced a new program called the Family Home Guarantee. It provides eligible single parents with dependants the opportunity to build a new home or buy an existing home with a deposit of 2%. Here’s how it’s going to work:  Family Home Guarantees will be from 1 July 2021, 10,000 over four financial years You’ll still need to be able to meet the bank’s serviceability criteria for a home loan The Family Home Guarantee is available to first home buyers AND previous owner-occupiers. You must be an Australian citizen, at least 18 years of age and have an annual taxable income of no more than $125,000. The government will guarantee up to a maximum of 18% of the property purchase price. This means you won’t have to pay Lenders Mortgage Insurance Price caps were increased on 19 June 2021 to $800,000 in Capital City and Regional Centres and $600,000 for the rest of NSWFor more information or for help organising your home loan application please get in touch. Check out the Government Fact Sheet here: https://www.nhfic.gov.au/media/1686/family-home-guarantee-fact-sheet-19-june-2021.pdf |
