The first step towards your first property is in sight, with the Federal Government expanding its First Home Guarantee (previously known as the First Home Loan Deposit Scheme) to accommodate 40,000 new places to support people just like you.
Aiming to shorten the time first home buyers need to save a deposit, the scheme will deliver 35,000 places each financial year to first timers with a minimum 5% deposit; and 5,000 places each financial year for single parents with dependents, requiring a deposit of as little as 2%.
The benefits are a major win for first home buyers, who ordinarily would need to fork out Lenders Mortgage Insurance (LMI) if borrowing more than 80% of the purchase price. Under the Scheme, the government acts as a guarantor for up to 15% of your home loan, which means LMI is a cost you’ll no longer have to pay, and the lower deposit requirement means you’re likely to reach your savings goal much sooner.
Variety is also available, with price caps impacting eligibility recently being revised to reflect property price increases. Since 1 July, homes worth up to $900,000 in Sydney have been given the tick of approval for the scheme, providing first home buyers with significant choice in locations offering suitable price points - including many homes in Wentworth Point.
A former Wentworth Point resident decided to move back into the suburb for its location and centrality this week, taking the leap from tenant to first home owner with the exchange of 320/14 Baywater Drive which spent three weeks on the market.
Want to know more about the First Home Guarantee? Check out the Frequently Asked Questions regarding the scheme, here.
Let us show you a modern beauty this week: 411/18 Corniche Drive - a two bed in Catania with sizable kitchen, wraparound benchtop, spacious balcony with garden views, a study zone and three car spaces.
