Most Kiwi home buyers will be aware of the nasty kick in the teeth — Lenders Mortgage Insurance (LMI) — that punishes you for not having a 20% deposit.
Well, Housing Australia have now seen fit to include NZers (on Special Category 444 Visas) in the FHG party. From 1 July, SCV holders can apply for one of the 35,000 annually granted guarantees when purchasing their first home in Australia.
Basic criteria:
- Income cap — singles up to $125k pa; couples up to $200k pa
- Price cap — Brisbane, GC and Sunny Coast $700k. Rest of QLD $550k
- First home purchase in Australia
- Owner occupied (not investment)
- It doesn’t matter if you have owned a home in NZ
The FHG can save buyers up to $36,000 in needless LMI costs. Happy days!