From 1 October, the government’s expanded First Home Guarantee has officially launched, three months earlier than expected and it’s big news for anyone dreaming of buying their first home.
For the first time, the scheme is open to all first home buyers, regardless of income, and the property price caps have been lifted to reflect today’s market. That means in places like Melbourne, eligible buyers can now purchase up to $950,000 with as little as a 5% deposit, without paying costly Lenders Mortgage Insurance (LMI).
This is a game changer. Removing LMI can save buyers tens of thousands of dollars upfront, making the path to ownership far more achievable.
Why this matters right now
Spring is traditionally one of the busiest property seasons, but this year demand is already ramping up with the launch of the scheme. Banks and brokers are seeing a surge in inquiries, and spots are filling quickly.
But here’s the most important part: you don’t need to have a deposit already saved to start the conversation.
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Already have a deposit? Great, let’s check if you qualify for the scheme and how far your savings will stretch. -
Just started saving? We can work out a plan, explore grants and incentives, and help you understand what’s possible.
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Haven’t started yet? That’s okay too, knowing your borrowing capacity is the first step. It may be closer than you think.
Don’t sit on the sidelines
Treasury estimates suggest first home buyers using this scheme will save around $1.5 billion in mortgage insurance costs in the first year alone.
As a broker, my role is to help you:
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Understand whether you qualify for the First Home Guarantee.
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Compare lenders and products to find the right fit for your situation.
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Put together a clear game plan, whether you’re ready today or 12 months from now.
Ready to see where you stand?
This is one of the biggest opportunities first home buyers have seen in years. Even if you’ve felt “shut out” of the market before, now is the time to check your options.
Get in touch with me and the team at Mynt Financial. Let’s see if you’re ready to buy, or map out the steps to get you there.Josh Bartlett – 0402 235 001
Director Mynt Financial
Director Mynt Financial
If you would love to chat about your home loan options – Reach out for a quick chat today
Disclaimer: This information is general in nature and does not constitute personal financial advice. Eligibility for the First Home Guarantee and lending options will depend on your individual circumstances. Please seek advice tailored to your situation before making financial decisions.
