Home Guarantee Scheme

Nurse Loans is dedicated to supporting Australian nurses in their quest to own a home, offering specialised guidance on the Home Guarantee Scheme (HGS). This initiative by the Australian Government is designed to help eligible first home buyers, including those who haven't owned a property in the past decade, to buy or build their home sooner. With limited First Home Guarantee places available each year, it's essential to understand how the scheme works and how it can benefit you. Our Home Finance & Mortgage Brokers are here to assist nurses in accessing home loan options from banks and lenders across Australia, ensuring you make informed decisions about your borrowing capacity and how much you can afford to spend on a home.

The Home Guarantee Scheme provides a valuable opportunity for nurses to secure a home loan with a low deposit, ranging from 5% to 20% of the property's value. This reduces the need for lenders mortgage insurance (LMI), potentially saving you thousands. To be eligible, applicants must be at least 18 years of age, hold a valid Medicare card, and be either Australian citizens or Permanent Residents. Income criteria apply, and price caps vary by state, ensuring the scheme is accessible to those who meet specific requirements. Once approved, you have 90 days to purchase a home that meets the scheme's criteria, including property type and price thresholds for your suburb and postcode.

Understanding the intricacies of the Home Guarantee Scheme is crucial for nurses looking to buy a home. The scheme not only supports first home buyers but also extends assistance to eligible single parents or legal guardians with at least one dependent child. By participating in the scheme, you could secure a home loan with a competitive interest rate, tailored to your financial situation. Our brokers are skilled in evaluating your loan amount and guiding you through the Home Loan application process, ensuring you are well-prepared to take advantage of this opportunity.

The Home Guarantee Scheme is an excellent option for nurses eager to purchase a new or existing home. With limited places available each year, it's important to act promptly and seek advice from experienced Home Finance & Mortgage Brokers. The Housing Australia website provides essential information about the scheme, helping you understand the eligibility criteria and how it applies to your situation. By working closely with Nurse Loans, you can explore various home loan options from banks and lenders across Australia, ensuring you find the best fit for your needs.

For nurses considering buying a home, understanding your borrowing capacity is key. The Home Guarantee Scheme allows you to assess how much you can afford to spend on a home without overstretching your finances. Our brokers are dedicated to helping you navigate this process, providing insights into interest rates and other factors that influence your financial decisions. By leveraging our expertise, you can confidently embark on your journey towards home ownership.

With the support of Nurse Loans, nurses can make informed decisions about their future. The Home Guarantee Scheme offers a pathway to home ownership that is both accessible and beneficial. By understanding the scheme's requirements and working with knowledgeable brokers, you can take significant steps towards owning your dream home. Contact us today to learn more about how we can assist you in achieving your home ownership goals through the Home Guarantee Scheme.

Initial Consultation

Your journey begins with a conversation about your property goals - whether you're purchasing a home, investing, refinancing, or seeking another type of loan. Our Finance & Mortgage Brokers explain the overall loan application process, assess your financial position, and begin identifying suitable loan options from a wide panel of banks and lenders across Australia.

Financial Assessment

Your broker conducts a detailed review of your finances, including income, expenses, assets, liabilities and savings. They determine your borrowing capacity and explain key terms like loan-to-value ratio (LVR), lenders mortgage insurance (LMI), and any government schemes or discounts you may be eligible for.

Loan Comparison & Selection

With a clear understanding of your financial situation, our Finance & Mortgage Brokers research and compare a range of loan options. These may include fixed or variable interest rate loans, products with offset accounts, or flexible repayment features. Our brokers help you weigh the pros and cons of each loan, ensuring you choose the one that aligns best with your needs and preferences.

Loan Pre-Approval

Securing loan pre-approval provides a clear idea of how much you can borrow and strengthens your position in the property market. Your broker prepares and submits the required documents - such as payslips, tax returns, and bank statements - to the lender for assessment. Pre-approval also gives you confidence to make offers when you find the right property.

Formal Loan Application

Once you've chosen your preferred loan, your broker completes and submits the formal application to the lender. They manage all required documentation, respond to any queries from the lender, and keep you informed throughout the process to avoid unnecessary delays.

Loan Approval & Settlement Preparation

After your loan is formally approved, our brokers review the loan agreement with you and confirm that all terms - such as interest rate, fees, and repayment schedule - are clear and understood. They also help you set up your loan account and arrange any necessary insurance, such as mortgage or home loan protection.

Settlement & Ongoing Support

At settlement, the lender advances the funds and ownership of the property is transferred to you. Our brokers coordinate with your solicitor or conveyancer to ensure everything runs smoothly. After settlement, our Finance & Mortgage Brokers remain available for ongoing support - whether it's managing repayments, exploring refinancing opportunities, or helping with future property plans.