First Home Buyer Scheme Expands: Why It Might Be Time to Review Your Loan

The Federal Government's Home Guarantee Scheme has officially changed, and while the updates are geared toward first home buyers, it’s a good reminder for current homeowners to check in on their loan health too.

Here’s why.

More Movement in the Market

From October 1st, income caps on the scheme were removed, property price limits were increased, and the number of available places is now unlimited. With the recent RBA rate drops and the expansion of the home guarantee scheme, more people are entering the market, including buyers who may have previously been sitting on the sidelines.

As buyer competition increases, banks and lenders tend to shift focus. This can lead to a more lenient policy and quicker turnaround times with fast refinance. 

What This Means for You

• There may be new offers on the table from lenders trying to attract (or keep) business

• If you're on a variable rate, it’s worth checking if yours is still competitive

• If you're still on a fixed rate that’s about to expire, planning ahead could save you money and stress

At Nest Mortgage Solutions, we do free loan reviews for our existing clients every year. If it’s been a while since you looked at your loan, now is a great time to make sure it’s still working for you.

Even if your current lender is still the right fit, we can often negotiate a better rate on your behalf - and if it’s not the best option anymore, we’ll help you explore what is.