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๐—›๐—ผ๐—บ๐—ฒ ๐—š๐˜‚๐—ฎ๐—ฟ๐—ฎ๐—ป๐˜๐—ฒ๐—ฒ ๐—ฆ๐—ฐ๐—ต๐—ฒ๐—บ๐—ฒ ๐—จ๐—ฝ๐—ฑ๐—ฎ๐˜๐—ฒ

St.George, Bank of Melbourne and BankSA have joined the panel of lenders participating in the federal governmentโ€™s Home Guarantee Scheme, taking the total to 41 lenders.

The rest of the panel includes three of the four major banks โ€“ Commonwealth Bank, NAB and Westpac โ€“ as well as Bendigo Bank, Auswide Bank, Bank Australia and a host of smaller banks, credit unions, building societies and non-bank lenders.

The Home Guarantee Scheme helps up to 45,000 owner-occupier first home buyers per financial year purchase a property with just a 5% deposit without having to pay lenderโ€™s mortgage insurance.

However, 107,408 owner-occupier first home buyers applied for mortgages over the year to October, according to the most recent data from the Australian Bureau of Statistics (see graph). In other words, there arenโ€™t enough Home Guarantee Scheme places to go around. So if youโ€™d like to take advantage of this incentive, it might be wise to speak to a broker soon, before all the places for the 2023-24 financial year are taken.

Subiaco finance brokers are here to help

Interest rate rises are here, but you donโ€™t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge.
Weโ€™ll take the time to get to know you and your unique situation and speak in a
language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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