Your Guide to Securing a Spot in the Expanded Home Guarantee Scheme

Following the exciting news that the Home Guarantee Scheme has been massively expanded for Gold Coast buyers, the big question on everyone's mind is: "How do I actually apply and secure my spot?"

While the scheme is now more accessible than ever—with no income caps and a huge $1,000,000 property price cap for our region—it's still essential to be prepared. The application process runs alongside your home loan application, and taking the right steps in the right order is key. Here is our simple guide to getting started.

Step 1: A Full Eligibility Check

Before anything else, we need to confirm you meet the scheme's criteria. This involves checking your citizenship/residency status, ensuring you have the minimum 5% deposit, and confirming you haven't owned property in the last 10 years. As your broker, we can run through this with you in minutes.

Step 2: Getting Your Documents Ready

To apply for both the scheme and a home loan, you'll need to provide some key financial documents. Being prepared here will speed everything up. Typically, you will need:

• Recent payslips and/or other proof of income
• Bank statements for your savings and daily spending accounts
• Statements for any existing debts (like car loans or credit cards)
• Forms of identification (like your driver's license or passport)

Step 3: Applying for Pre-Approval

Applying for the Home Guarantee Scheme happens at the same time you apply for your home loan pre-approval. A pre-approval is a formal confirmation from a lender of how much they are willing to lend you. This is the most crucial step, as it proves your financial readiness.

Step 4: Finding a Participating Lender

Not every bank or lender offers places in the Home Guarantee Scheme. This is where using a broker is a huge advantage. We have access to over 60 lenders and know exactly which ones are participating in the scheme. We'll match you with the right lender for your specific financial situation, saving you the time and hassle of applying with the wrong ones.

Step 5: Reserving Your Spot

Once your home loan pre-approval is granted by a participating lender, we can officially reserve your spot in the Home Guarantee Scheme. This reservation is typically valid for 90 days, giving you a set timeframe to find your dream Gold Coast home and sign a contract.

Don't Delay Your Dream

While the scheme has expanded, it's still administered on a "first-in, best-dressed" basis. To give yourself the best chance of securing a spot, the key is to get started now.

Contact Max Rich today for a free assessment. We’ll confirm your eligibility and help you get pre-approved so you're ready to make your move.

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