Purchasing a first home is a joyful accomplishment. It may be confusing as well and there are a lot of programs and choices that can come out. The Family Home Guarantee and Assistance Scheme is one of the most promising initiatives to the new buyers. This program is meant to see more people have access to owning homes and this could be the key to your dream home.

Be it a single parent or even a bigger family unit, it is important to know how these schemes operate. With the help of the government it is possible to have that front door key in your hand sooner than you think. So, what this program is all about and how can you get moving on your way and own your own piece of paradise?

Eligibility Requirements for the Family Home Guarantee

In order to be eligible under the Family Home Guarantee, you have to have some criteria. This plan mostly aims at single parents who are first-time buyers of homes.

You must be 18 or above years and an Australian citizen. The government has specific limits that should be achieved by your income.

Also you need to save at least 2 percent of your new home. The house you are visiting also has to have some price limits depending on the place of location.

Remember that in the case where you own a property in the past, you may not be eligible in this program of aid. It is important to do research of all requirements to be before applying so that you are sure that everything is in line with your situation and plans.

How to Apply for the Family Home Guarantee

The family home guarantee is an easy process to apply. Begin by collecting the necessary papers like evidence of earnings, identity and information on what you saved.

Go to the Gateway Finance official site next, and there you will get an application form specific to the scheme. Complete it well; it is essential to be precise.

After this, hand in your applications via the relevant avenues. You might be asked to give further documentation or answer questions of processing officers.

Once applied, monitor the status of your application. Patience is important in this case, and it may take up a lot of time before approval is given.

You can always go to a housing advisor or financial expert in case you are stuck at any point. They are able to assist in questions and make sure to have all the things straight to have a smooth application process.

Tips for First Time Home Buyers

Purchasing your first home may be an exciting and overwhelming experience. Begin by developing a budget that extends beyond the mortgage expenses to incorporate taxes, insurance expenses and maintenance expense.

You have to research on different neighborhoods in order to discover one that fits your life. Take into account such issues as schools, facilities, and transportation.

Never miss the pre-approval in case of the mortgage. That will provide you with a clear budget and demonstrate to the sellers that you are serious about purchasing.

When you are seeking homes, prepare a list of must haves as compared to nice to haves. This will assist in the reduction of choices without being overwhelmed.

Goods should be properly inspected before making any final purchase. It is an investment in peace of mind.

You should not take decisions in an hurry because you are compelled by time or fashion in the market. Do it in phases; it is no trifle undertaking that has a long-term impact.

Other Government Assistance Programs for First Time Home Buyers

The process of homeownership can be very daunting and more so in the first-time buyers. Luckily, there are a number of government subsidy schemes that can help in making this process easier.

The First Home Owner Grant (FHOG) is one of such programs. This is a grant that financially assists the first time buyers who may wish to buy or construct a new home. The amount differs according to state and territory but greatly helps to cover start-up expenses.

The other beneficial tool is the First Home Loan Deposit Scheme (FHLDS) offering a mortgage facility at a low deposit of 5 per cent. to qualified buyers. This endeavor allows cutting down on the load of saving a bigger down payment as well as avoiding the high charges of mortgage insurance premiums by the lenders.

Also, there are stamp duty concessions or exemption available in some states which are targeted at first time homeowners. These incentives may lead into huge savings when closing your house purchase.

You have to be able to use all existing opportunities. The programs also have their respective eligibility and benefits that may have a big influence on your purchasing experience. Through hard study and preparation, you will be more prepared in your road to owning your family place.