First Home Buyer Guarantee gets boost

Good news for first-home buyers.

The federal government has increased the number of places available in its First Home Buyer Guarantee program for this financial year from 35,000 to over 36,000.

Approximately 1,100 places that weren’t used in 2021-22 have been added to the 2022-23 allocation.

The First Home Buyer Guarantee lets eligible buyers purchase a property with just a 5% deposit without having to pay lender’s mortgage insurance.

Price and income caps apply. Speak to a mortgage broker for more information about the scheme.

A total of 121,718 owner-occupier first-home buyers applied for mortgages in the 12 months to September, according to the most recent data from the Australian Bureau of Statistics.