Finance strategies to get into your new home sooner
Are you tired of renting? What if we told you that your dream of owning a home could now be even easier?
We’re pleased to share that the Australian Government is expanding the Home Guarantee Scheme, now featuring unlimited places, no income caps and increased property price caps, helping more Australians buy their first home sooner.
From 1st October 2025, the Scheme will remove limits, giving all Australian first home buyers the chance to enter the market with a deposit of as little as 5% and avoid Lenders Mortgage Insurance.
What is the Home Guarantee Scheme?
The Home Guarantee Scheme is an Australian Government initiative helping home buyers get into the housing market sooner. Eligible applicants will receive a financial contribution of 5% (of the total home purchase) to put towards the total loan and avoid LMI. The Scheme is designed to support first home buyers in different circumstances who have saved a small deposit, and meet the eligibility criteria, to secure a home loan to buy a home.
Eligibility Criteria
- You are a first-time home buyer
- You intend to purchase an existing home, or build a brand-new home
- You intend to live in the home (principal place of residence)
- You are not purchasing as an investment property, or are purchasing on someone else’s behalf
- You are an Australian citizen or a permanent resident
- For more detail information on how you can meet these eligibility prerequisites, seek advice from government resources or speak to our financial specialists at MyChoice Home Loans.
MyChoice Home Loans
MyChoice Home Loans removes the stress of finding your own finance – we make securing your dream home, easy, enjoyable, and uncomplicated.
As construction home loan specialists, the team at MyChoice Home Loans will partner with you along every step of the building journey. From the initial conversation, MyChoice Home Loans offer convenience, choice and clear information and communication, giving you peace of mind throughout the entire build journey.
They work towards getting your loan approved faster and continue to provide support throughout the entire life of your loan, so that you can feel confident and relaxed knowing your finances are taken care of.
