Exploring home buying options: A guide for Australian homeowners.

Buying a home is a significant milestone, and in recent years this goal has become harder to achieve. Now more than ever there are options to support you and understanding these  options can make the process smoother and more rewarding. At FinancePath, we’re here to help you navigate the various home buying options available to Australians

Here’s a comprehensive guide to get you started:

1. First Home Guarantee (FHBG)

The Australian Government’s First Home Guarantee (FHBG) supports eligible first-time buyers to purchase a home with a deposit as low as 5%. This initiative helps you avoid paying Lenders Mortgage Insurance (LMI), making home ownership more accessible.

2. Regional First Home Buyer Guarantee (RFHBG)

For those looking to buy in regional areas, the Regional First Home Buyer Guarantee (RFHBG) offers similar benefits to the FHBG, with a deposit requirement of just 5%. This scheme aims to support regional growth and make home ownership more attainable outside major cities.

3. Family Home Guarantee (FHG)

The Family Home Guarantee (FHG) is designed for single parents and legal guardians with at least one dependent. This program allows eligible buyers to purchase a home with a deposit as low as 2%, providing significant support for families aiming to secure stable housing.

4. Help to Buy Scheme

The Help to Buy scheme is another government initiative that provides an equity contribution of up to 40% for eligible home buyers. This reduces the size of the mortgage and the deposit required, making it easier for Australians to enter the property market.

5. Traditional home loans

Traditional home loans remain a popular choice for many buyers. These loans come in various forms, including fixed-rate, variable-rate, and split loans. Consulting with a mortgage adviser can help you find the best loan type to suit your financial situation and goals.

6. Shared equity schemes

Shared equity schemes involve purchasing a property in partnership with a government or private entity. This option reduces the amount you need to borrow and can make home ownership more affordable.

7. Government grants and incentives

Various state and federal grants and incentives are available to support home buyers. These include the First Home Owner Grant (FHOG), stamp duty concessions, and other regional incentives. It’s essential to research and take advantage of these opportunities to reduce your overall costs.

At FinancePath, we’re committed to keeping you informed, educated and helping you find the best home buying option to suit your needs.

Contact us today at 1300 780 440 to explore your options and take the first step towards owning your dream home.