Question 1

Is this a shared equity scheme?

Accepted Answer

The Government deposit guaranteed First Home Buyers scheme is not a shared equity scheme. The Government does not own a share of your home. The Government provides a guarantee to the lender that they will cover any shortfall if the borrower defaults on the loan and the property is repossessed and sold.

Question 2

Can my partner and I apply jointly for a First Home Buyers scheme ?

Accepted Answer

Yes. Applications for the 5% guarantee scheme can be made by individuals or by couples that are buying a home together.

Question 3

Is there a limit on how much you earn for the First Home Buyers scheme?

Accepted Answer

No. There is no income cap with this scheme. Other eligibility criteria do apply.

Question 4

What is the price cap for a home in Brisbane?

Accepted Answer

The price cap for eligible properties for the First Home Buyers guarantee scheme for Brisbane is $1,000,000 and regional Queensland $700,000.

Question 5

What if I can&#8217;t find a property under the price cap?

Accepted Answer

To be eligible for the 5% government guaranteed First Home Buyers scheme, the property being purchased must be on or under the set price caps. If a buyer can't find a suitable property in that price range, they would be ineligible for the scheme.

Question 6

Will the Government make my loan payments if I can&#8217;t afford it one month?

Accepted Answer

No. The First Home Buyers Government guaranteed scheme does not guarantee the loan payments.

Question 7

Is the First Home Buyers scheme a grant to buy a house?

Accepted Answer

No. The scheme is not cash towards buying a house. It involves the Government providing a guarantee for the balance of the deposit where the buyer has 5% deposit only.

Question 8

Do I have to repay the Government for the deposit guarantee?

Accepted Answer

No. The scheme does not require the buyer to repay the Government for any loan or grant.

Question 9

Do I apply to the Government for a First Home Buyers Loan?

Accepted Answer

To participate in the Government guaranteed low deposit home buyer scheme, buyers apply to a participating lender. The lender makes the necessary arrangements with the Government.

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