New spots available for first home buyer scheme

New spots available for first home buyer scheme

Want to buy your first home with a 5% deposit and pay no lenders’ mortgage insurance? You could be in luck with the government soon reissuing up to 4,651 unused Home Guarantee Scheme spots.

The Home Guarantee Scheme will fast track a property purchase for first home buyers by 4 – 4.5 years on average, because they don’t have to save the standard 20% deposit.

So where are these extra spots coming from?
The government states the scheme will reissue “up to” 4,651 unused guarantees for first home buyers from the 2020-21 financial year.

They add that many of the spots have been unused because of COVID disruptions.

However, it’s unclear exactly how many guarantees will be made available.

It’s also unclear exactly when the spots will be reissued, with the government entity, NHFIC, overseeing the scheme, stating they “look forward to reissuing unused guarantees soon”.

All in all, that means we’re going to have pretty short notice of when these spots officially become available to apply for, and they could be in short supply.

So if the guarantee is something you’re interested in, you’ll want to get in touch today so we’re ready to act when the spots do drop.

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