First Home Guarantee for New Zealand Citizen: No LMI Required

UNO home loans

October 23, 2024

New Zealand home buyers on a 444 visa can avoid LMI with the First Home Guarantee, saving thousands on their Australian property purchase.

Buying a home in Australia can be a complex process, especially for Kiwis. Navigating forms, regulations, and various costs can be overwhelming, which is why having an experienced mortgage broker is invaluable.

One unexpected cost that often surprises home buyers is Lenders Mortgage Insurance (LMI). LMI is applied when borrowers take out a loan exceeding 80% of the property's value. The cost of LMI can be significant, with some quotes exceeding $30,000.

While some professions, such as lawyers, doctors, accountants, and registered nurses, may be eligible for an LMI waiver, not everyone qualifies. For New Zealand citizens, there is a great alternative—the first home guarantee (FHG).

The First Home Guarantee allows eligible borrowers to bypass LMI, thanks to a government guarantee that covers up to 15% of the property value. In the event of a shortfall, the Federal Government steps in to cover the difference, making this a cost-effective solution for many home buyers.

Best of all, the FHG is available to New Zealand citizens on a 444 visa. With 35,000 spots available annually, it’s a valuable opportunity to save tens of thousands of dollars and access more favorable loan terms.

To qualify for the FHG, you’ll need:

A minimum 5% deposit from genuine savings
An individual income of up to $125,000 or a combined income of $200,000 for couples (based on the previous year’s Notice of Assessment)
A property that falls within the price cap for your state (e.g., up to $700,000 in major Queensland towns)
A current VEVO (Visa Entitlement Verification Online)
No prior ownership interest in Australian property within the last 10 years

To access the FHG, you must apply through a participating lender. Not all banks offer this scheme, so working with a knowledgeable broker is crucial. If you’re a Kiwi home buyer looking for no LMI, reach out to Paul Davey at UNO Home Loans for expert guidance on taking full advantage of the First Home Guarantee.

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October 23, 2024

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I can’t recommend my mortgage broker Jessica Southerwood and the UNO team highly enough. From start to finish, they made what felt like an overwhelming process so much easier for me. They took the time to truly understand my situation and worked tirelessly to refinance my Investment home loan and consolidate debts into a structure that actually works for me and my family. Not only did they secure us a great rate, but they also gave us clarity, confidence, and a clear path forward with our finances. Their communication was outstanding throughout and always available to answer questions and explain things in a way that made sense. Thanks to their expertise and dedication, I am now in a much stronger financial position and can focus on what matters most for our family. If you’re looking for someone who genuinely cares and delivers results, I wouldn’t hesitate to recommend Jess and the UNO team. Thanks again.

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First Home Guarantee for New Zealand Citizen: No LMI Required

New Zealand Citizen buying a property in Australia?

UNO home loans

Try Plans by UNO

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