Home Deposit Requirements for First Home Buyers

 The Scheme offers three types of guarantees:

  1. First Home Guarantee (FHBG) – This program helps eligible home buyers in purchasing a home sooner, with a deposit as low as 5%. When applying through the best mortgage broker in Melbourne, make sure to ask them about the process involved in applying for first home guarantee, if you are eligible.
  2. Regional First Home Buyer Guarantee (RFHBG) – This initiative supports eligible home buyers in regional areas, allowing them to buy a home sooner with a deposit as low as 5%.
  3. Family Home Guarantee (FHG) – This guarantee aids eligible single parents and eligible single legal guardians of at least one dependent in purchasing a home sooner, with a deposit as low as 2%.
  4. First Home Owners Grant (FHOG): If you are a first-time home buyer, the First Home Owners Grant allows you to get state funding for your home purchase. It’s crucial to understand first-home buyers’ grant eligibility criteria and the potential benefits available to you. The grant amount may vary between states and territories. For example, the first home owner grant in Melbourne will be $10,000 for eligible first-home buyers.

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