The big country promises a lot for aspiring Kiwis. Sun, surf, jobs, and the opportunity to buy your own home.
In NZ, the magical 20% deposit is often touted as your entry fee. In Australia, the Federal Government has made it easier through the First Home Guarantee Scheme.
Advantages of a First Home Guarantee:
- Minimum 5% deposit — no need to save for years.
- No Lenders Mortgage Insurance — LMI is removed from the equation.
- Better interest rate — the lender treats you like an 80% LVR customer, saving you around 0.5% or more.
- It’s FREE. You don’t pay for a first home guarantee.
- Applies for existing homes and new homes.
Do Kiwis qualify?
Yes — New Zealand citizens qualify. You need to prove you hold a sub class 444 visa. It doesn’t matter if you own or have owned a property in NZ. Owner-occupied property only, and property price caps apply.