Whether this scheme is beneficial or not to you will really depend on your particular financial circumstances. The mortgage guarantee scheme is targeting a very specific niche of the Australian population looking to break into the property requirement and as such the eligibility requirements are very narrow.
To start with, to be eligible for the scheme you would have to be considering properties that are generally cheaper than the average house price for a capital city. While not always the case, this could mean you limiting your search to properties in areas that may not be the right investment for you and your needs simply to take advantage of the guarantee scheme. At My Wealth Solutions, we believe that a home purchase should be a lifestyle asset as well as a potential investment, meaning that you should consider a wide variety of lifestyle factors, such as proximity to schools or public transport, before making your decision. By limiting yourself to only properties that are eligible for the mortgage guarantee scheme, you may be sacrificing these lifestyle factors which may prove to be more beneficial to you and your financial goals in the long-term.
While the scheme does provide a way to break into the property market for those that already fit its eligibility requirements, for the majority of our clients, whether or not it is beneficial to you really will depend on your financial needs, goals and current circumstances.