Home Buyer Schemes – Mortgage Choice Robina

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Home Buyers – There’s more assistance than ever before to help you purchase a home, and it’s not just first homeowners that are eligible. As property prices have increased so has the deposit requirements and, in the past typically, the only option was to obtain a gift to add to your deposit or use a family members home as guarantor security, but thankfully our governments have realised the need for and importance of helping Australians into property ownership.

Here’s some details of the initiatives available –

Home Guarantee Scheme (HGS:) Assists first home buyers and single parents to purchase a property with a deposit as low as 5% or 2% without incurring lenders mortgage insurance (LMI).

First Home Owner Grant (FHOG): The FHOG provides a grant to first home buyers when building a new home or purchasing a new property not previously resided in.

Help to Buy Scheme: A shared equity scheme that allows home buyers to purchase a home with a minimum deposit of 2% and with the government’s equity contribution of up to 40%. This allows home buyers to get into the market quicker with a lower deposit and lower ongoing home loan repayments. Details of this scheme are yet to be finalised.

Indigenous Home Ownership Program: This program is specifically designed to assist Aboriginal and Torres Strait Islanders in achieving homeownership. It offers a range of services, including home loans, financial counselling, and education on homeownership.

Transfer Duty Concession (QLD): You can claim a concession for transfer duty (also known as stamp duty) when acquiring your first residence if the purchase price is under $550,000.

Each scheme has eligibility criteria, and we can assist you to determine which ones you may be eligible for.

Renee Polden, Dip Finance and Mortgage Broking
Owner Manager/ Loans Consultant
Mortgage Choice in Robina