The federal government’s Home Guarantee Scheme (HGS) is helping first home buyers on modest incomes enter the market with small deposits, according to research commissioned by the National Housing Finance and Investment Corporation.
Some of the key findings from the research were:
- The average annual income of individual HGS participants was $108,000 compared with $117,000 for the broader first home buyer market
- The average deposit paid by first home buyers since 2020 increased by 3.4% (from $35,200 to $36,400) for HGS participants but 46.7% ($108,400 to $159,000) for the broader first home buyer market
- The average loan amount since 2020 increased by 4.7% compared with 13.4% for the broader first home buyer market
The research also found that the average HGS property has enjoyed an equity gain of $82,000.
Under the HGS, first home buyers can enter the market with just a 5% deposit – but conditions apply.
Here at Unconditional Finance, we can tell you whether you’re eligible and help you apply for a loan – reach out to us today via the contact form on our website, or give us a call on 1300 484 390.
