Great News for Permanent Residents: Eligible to Buy Your First Home with a 5% Deposit Through the First Home Guarantee Scheme!

Exciting changes in the Australian property market have opened up new possibilities for permanent residents. Thanks to the recent expansion of the First Home Guarantee Scheme, permanent residents can now be eligible to apply to buy their first home with as little as a 5% deposit—and without the cost of Lenders Mortgage Insurance (LMI). At Liberty Wealth Finance Pty Ltd, we’re thrilled to help clients take advantage of this opportunity to achieve their homeownership dreams.

What’s the First Home Guarantee Scheme?

The First Home Guarantee (FHBG) is a government initiative designed to assist first-time homebuyers by covering up to 15% of a home’s value, effectively reducing the required deposit and waiving the need for costly LMI. Previously only available to Australian citizens, the scheme has now extended its eligibility to permanent residents. This change means that many aspiring homeowners who didn’t qualify before may now be eligible for a more accessible path to homeownership.

Why This Matters for Permanent Residents

For those who have been saving diligently but find the typical 10-20% deposit challenging to reach, the FHBG provides a welcome solution:

• Lower Deposit Requirement: You can buy a home with just a 5% deposit.

• No LMI Fees: With the government’s guarantee, LMI is waived, which can save thousands.

• Increased Access to Loans: Having this guarantee often improves your options with lenders, making it easier to find a competitive home loan.

How Liberty Wealth Finance Can Help

At Liberty Wealth Finance, we specialize in finding the right loans for our clients’ unique needs, whether it’s a first home, investment property, or additional home. As experts in the loan market, we’re here to guide you through the FHBG application process and find lenders that align with your goals.

Steps to Get Started

• Review Eligibility Requirements: Permanent residents must be first-time buyers, meet income limits, and intend to live in the home.

• Assess Borrowing Capacity: Complete our borrowing capacity survey or contact us for a personalized assessment.

• Prepare Your Documentation: Income verification, ID, and financial history are essential for a smooth process.

If you tried to qualify for a home loan in the past but faced barriers, now may be the perfect time to try again under the expanded eligibility criteria.

Ready to explore your options? Reach out to Liberty Wealth Finance Pty Ltd. today, and let’s discuss how the First Home Guarantee could bring you closer to owning your first home.

Michael Hannant

Founder, Liberty Wealth Finance Pty Ltd

Helpful Resources:

• Australian Government NHFIC - First Home Guarantee

• Elibility & Program Details - MoneySmart

🔗 Contact Us:

• Email: mhannant@libertywealth.com.au

• Phone: 07 3879 7967

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• Instagram: @michael_hannant_finance

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At Liberty Wealth Finance Pty Ltd, we pride ourselves on being more than brokers; we’re your partners in the property journey. Start strong with a pre-approval and let us help you move one step closer to your dream property.

Ready to take the first step? Let’s get started today!