If you are a homebuyer in Victoria and struggling to save for a larger deposit, the Victorian First Home Guarantee may be the solution to your problem. With just a 5% deposit, the Victorian Government is willing to contribute up to 25% of the purchase price in exchange for an equivalent share in the property. This can significantly reduce your mortgage, making homeownership more accessible and achievable.
The best part is that there is no need to pay Lenders Mortgage Insurance, which can save you thousands of dollars. The Victorian First Home Guarantee is designed to assist first-home buyers, and those who are looking to build or purchase in select regional areas.
To be eligible, you must be an Australian citizen or permanent resident and meet certain income and asset requirements. You must also intend to live in the property for at least 12 months after settlement.
The Victorian First Home Guarantee is an excellent opportunity to get your foot on the property ladder and secure your dream home sooner. Contact your mortgage broker or lender to see if you are eligible and take advantage of this fantastic opportunity.
Want to learn more? Click the below