New Opportunity for Kiwi Visa Holders: Low Deposit Home Buying Scheme in Australia

Exciting news for Kiwis dreaming of owning their first home in Australia! The renowned low-deposit home buying scheme has now been extended to visa holders from New Zealand. Here’s everything you need to know about this fantastic opportunity.

While New Zealand is known for its All Blacks, stunning glaciers, and landscapes worthy of a Hobbit adventure, Australia is offering something that might just match the thrill of bungee jumping in Queenstown.

Introducing the Home Guarantee Scheme (HGS)

Australia’s Home Guarantee Scheme (HGS) has been a game-changer for first-time home buyers. This scheme allows Australian citizens and permanent residents to purchase their first home with just a 5% deposit.

For those eyeing regional properties, there’s a specific version of the scheme designed for regional first-home buyers.

Single parents also benefit from this scheme, being able to purchase a home with as little as a 2% deposit.

Big News for Kiwi Visa Holders

Recent updates from Housing Australia reveal that New Zealanders holding a Special Category Visa (SCV) are now recognised as 'permanent residents' for the HGS. This is great news for those who have been eagerly waiting for such an opportunity.

How Does the HGS Work?

The Home Guarantee Scheme supports first-time home buyers and single parents by allowing them to buy a home with a deposit smaller than the usual 20%. The government steps in as a guarantor for the loan, eliminating the need for lenders mortgage insurance (LMI). This can save buyers between $4,000 and $35,000, depending on the property price and deposit amount.

Who Can Benefit from This Change?

Australia and New Zealand share a unique bond, with many Kiwis moving to Australia in recent years. In the 2022-2023 financial year alone, over 41,000 New Zealanders relocated to Australia on an SCV, translating to approximately 3,400 Kiwis arriving each month.

The SCV is a versatile visa that allows New Zealanders to visit, study, stay, and work in Australia. For many of the 670,000 Kiwis currently residing in Australia, it often serves as a pathway to Australian citizenship.

Confused About Eligibility?

If you’re wondering whether you qualify for the HGS, we’ve got good news. We’ve confirmed with Housing Australia that New Zealanders with an SCV can now apply for this low deposit scheme. There are, however, other eligibility criteria, including property price caps that vary across Australia.

Don't hesitate to reach out to determine your eligibility and navigate the application process. Never let the fear of rejection hold you back; we can provide detailed guidance on how to make the most of this opportunity.

Important Note: Not All Lenders Participate

It’s crucial to know that the HGS is not available through every lender. But you don’t have to worry, Osinski Finance can help identify which banks are participating in the scheme and find suitable home loan options from those lenders.

With limited spots available in the scheme and potential changes to eligibility, it’s a good idea to act quickly with a trusted mortgage broker.

Contact us today to start your journey towards homeownership in Australia!

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