Great news for Kiwis dreaming of owning their first home in Australia!
The popular Australian low-deposit home buying scheme has now been extended to include New Zealand visa holders. Here’s everything you need to know about this exciting opportunity.
An Overview of the Home Guarantee Scheme (HGS)
The Home Guarantee Scheme (HGS) has made it easier for many Australians to buy their first home with a minimal deposit. Under this scheme, eligible buyers can secure a home loan with as little as a 5% deposit. For regional first-home buyers, there’s a special version of the scheme, and single parents can even benefit from a 2% deposit requirement.
Now, there’s something even more exciting on the horizon. Housing Australia has confirmed that New Zealand Special Category Visa (SCV) holders are now considered ‘permanent residents’ for eligibility purposes under the HGS.
How the Scheme Works
The HGS is designed to help first home buyers and single parents purchase their own home with a lower deposit than the typical 20%. The government acts as a guarantor for the loan, which means buyers can avoid paying Lenders Mortgage Insurance (LMI). This can save buyers a significant amount of money—anywhere from $4,000 to $35,000—depending on the price of the property and the size of the deposit.
Benefits for New Zealanders
Australia and New Zealand share a close relationship, fostering a steady exchange of residents between the two countries. More than 41,000 New Zealanders moved to Australia in the 2022-2023 financial year alone, with many residing on the SCV.
The SCV allows New Zealanders to visit, study, stay, and work in Australia upon meeting certain requirements. This visa also provides a direct pathway to Australian citizenship, which many of the 670,000 Kiwis living in Australia have pursued.
What This Means for New Zealand SCV Holders
Housing Australia has confirmed that New Zealand citizens holding a Special Category Visa Subclass 444 (SCV) are now eligible for the HGS. This means that Kiwis can now apply for the low deposit scheme and benefit from the same advantages as Australian permanent residents.
Eligibility and Conditions
While this is fantastic news, it’s important to note that there are still other conditions for eligibility. These include maximum price caps on the property you can purchase, which vary depending on the region.
Not all lenders participate in the HGS, so it’s important to know which banks are involved. We can help you identify lenders who have signed up to the scheme and find loan options that fit your needs.
Act Now
The HGS has a limited number of spots available, and the rules around who can apply may change. So, it’s crucial to act quickly. Whether you’re a lifelong Aussie or a Kiwi new to Australia, I can help you navigate this opportunity.
Get in Touch
Don’t miss your chance to take advantage of this exciting development. If you’re a New Zealand SCV holder interested in applying for the HGS, or if you simply want to know more about how the scheme can benefit you, reach out to me today. I’ll guide you through the application process and help you understand your eligibility.
0447654321
