The Home Guarantee Scheme (HGS) is administered by Housing Australia (formerly the National Housing Finance and Investment Corporation). The HGS includes the following Guarantees that help get eligible first home buyers and single parents into homes sooner:
The First Home Guarantee aims to support eligible first home buyers and those who have not owned a home for 10 years or more the opportunity to buy a home with only a 5% deposit and not pay Lenders Mortgage Insurance.
The Family Home Guarantee aims to support eligible single parents and legal guardians with at least one dependent child in purchasing a home, regardless of whether that single parent is a first home buyer or a previous homeowner. Eligible applicants can pay as little as a 2% deposit, and not pay Lenders Mortgage Insurance.
The Regional First Home Buyer Guarantee aims to support eligible first home buyers and those who have not owned a home for over 10 years, living in regional Australia through the opportunity to buy a home with only a 5% deposit and not pay Lenders Mortgage Insurance.
Our team of specialists are ready to help you with your application. Book an appointment online or give us a call on 133 462. We can even come to you.
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With IMB Bank home loans a Family Guarantee could help you enter the market. It can allow your family to help you purchase a property by acting as guarantors, making it possible to get into your home sooner without having to spend further years saving for a deposit.
Explore the benefits of refinancing your home loan.
Starting off in investment can be a confusing business, but there are few basic questions that every budding property buyer needs to ask themselves before starting to look at their options in home loan
Before making a decision, there are a few factors you might want to contemplate.
The guarantor can provide residential property to support their guarantee. Alternatively, the guarantor may instead choose to provide IMB with a Term Deposit for an amount equal to the limit of the guarantee.
IMB has a range of calculators to help you manage most money problems, including the Home Loan Repayment Calculator. Not only can you get a fast understanding of what your repayments will be with any of our home loans, but you can calculate what difference changing the frequency of your repayments or making extra repayments will do to the total interest you pay and how much time you may save.
Yes, you can - and you will likely save money on interest, and shorten the duration of the loan term. How? By changing the frequency of your home loan repayments from monthly to fortnightly (or weekly), you actually repay an extra month per year. It works like this:
- 12 monthly repayments is the equivalent of 24 fortnightly repayments.
- There are 26 fortnightly repayments over a 52-week year - an extra two fortnightly repayments a year.
The savings over the life of the loan can be significant. For example, for a $500,000 loan at 5.00%p.a. over 30 years.
- Monthly repayments are $2685, and the interest paid over 30 years is $466,280.
- Fortnightly repayments are $1343, and the interest over 30 years is $380,460. This represents an interest saving of $85,820! And it shaves 4 years and 8 months off the loan term.
Calculate how much you could save by switching from monthly to fortnightly repayments.
A home loan pre-approval/conditional approval with IMB lasts 90 days. Conditions include the provision of verification documents and security satisfactory to IMB. Start your application now for fast conditional approval.
Yes. A split home loan allows you to have part of your loan on a variable rate and the other part on a fixed rate.
Security is a fundamental right for our customers, and we hold it as one of our core values.
Information current as at date of appearance and subject to change. Lending criteria, terms and conditions, fees and charges apply. Eligibility criteria must be met to apply online. Split loan options not available in online applications. You should consider the relevant Terms and Conditions or Product Disclosure Statement (PDS) before deciding whether to acquire any IMB products or facilities. Target Market Determinations available here.