What are the New Home Guarantee’s timeframes?
Depending on the type of home you are purchasing or constructing, different timeframes apply to this scheme.
Before the 90-day pre-approval period expires, a contract of sale and/or eligible building contract must be executed for all types of eligible properties for the New Home Guarantee to apply.
Who qualifies for the New Home Warranty?
To qualify for the New Home Guarantee Scheme, applicants must be:
An Australian citizen who is at least 18 years old. Permanent residents are ineligible.
A single applicant with an annual taxable income of up to $125,000 or a couple with an annual taxable income of up to $200,000 may qualify for the New Home Guarantee.
Only couples who are married or in a common-law relationship are eligible for the New Home Guarantee. Other relationships of people purchasing a home together, including siblings, parents and children, and friends, do not qualify for the New Home Guarantee.
Under the New Home Guarantee Scheme, you must move into your home within six months of purchasing it and continue to live there for as long as your home loan is guaranteed.
How do I submit a New Home Guarantee application?
Two methods exist for applying for the programme.
First, by submitting your application directly to one of the participating lenders.
We do, however, recommend that you work with a reputable mortgage broker to determine how this programme and its participating lenders will work best for your particular situation.