Home Guarantee Scheme
The Australian Government’s Home Guarantee Scheme supports eligible home buyers to buy a home sooner.
Am I eligible for a government guarantee?
You’ll need to meet at least the following criteria to be eligible for a guarantee under the Home Guarantee Scheme:
- Australian citizen(s) or permanent resident(s) over the age of 18
- Applying for an owner occupier home loan with principal and interest repayments
- Taxable income of no more than $125k (single applicants) or $200k (joint applicants) based on prior financial year Notice of Assessment
- First home buyer or previous home buyer who hasn't owned a home in the past 10 years (First Home Guarantee or Regional First Home Buyer Guarantee) or single parents or single legal guardians with at least one dependent child who don’t currently own a home (Family Home Guarantee)
- Minimum 5% deposit (First Home Guarantee or Regional First Home Buyer Guarantee), or minimum 2% deposit (Family Home Guarantee)
Which guarantee would suit you? Tell us who you are.
First Home Guarantee (FHBG)
Supporting eligible home buyers to buy a home sooner.
Regional First Home Buyer Guarantee (RFHBG)
Supporting eligible regional home buyers to buy a home sooner, in a regional area.
Family Home Guarantee (FHG)
Supporting eligible single parents or eligible single legal guardians of at least one dependent to buy a home sooner.
First Home Guarantee: minimum 5% deposit and no LMI
Who are you?
- Single, or purchasing with a partner, friend, sibling or other family member
- Australian citizen(s) or permanent resident(s) over the age of 18
- First home buyer or previous home buyer who hasn’t owned a home in the past 10 years
- A taxable income of no more than $125k (single applicants) or $200K (joint applicants) based on prior financial year Notice of Assessment
What type of home can you purchase?
Any type of residential property in Australia priced below the property price caps. Properties include:
- Existing or newly built property
- Off-the-plan property
- Vacant land with a contract to construct a residence
- House and land package
What type of home loan could you apply for?
- Home loan for an owner occupier
- Home loan term of up to 30 years (this includes the construction phase of up to two years if building a new home)
- Home loan with principal and interest repayments (except during construction phase, if building a new home)
Regional First Home Buyer Guarantee: minimum 5% deposit and no LMI
Who are you?
- Single, or purchasing with a partner, friend, sibling or other family member
- Australian citizen(s) or permanent resident(s) over the age of 18
- First home buyer or previous home buyer who hasn’t owned a home in the past 10 years
- At least one borrower must have lived in the same regional area or adjacent regional area purchasing in for 12 months to home loan agreement date
- A taxable income of no more than $125k (single applicants) or $200K (joint applicants) based on prior financial year Notice of Assessment
What type of home can you purchase?
Any type of residential property in Australia priced below the property price caps. Properties include:
- Existing or newly built property
- Off-the-plan property
- Vacant land with a contract to construct a residence
- House and land package
Use the Regional Checker to enter the suburb (or postcode) of your current home and the suburb (or postcode) you’d like to purchase in to confirm regional status.
What type of home loan could you apply for?
- Home loan for an owner occupier
- Home loan term of up to 30 years (this includes the construction phase of up to two years if building a new home)
- Home loan with principal and interest repayments (except during construction phase, if building a new home)
Family Home Guarantee: minimum 2% deposit and no LMI
Who are you?
- Single parent or single legal guardian with at least one dependent child
- Australian citizen or permanent resident over the age of 18
- First home buyer or previous home buyer who doesn’t currently own a property or who doesn't own a separate property when they settle on their new home.
- A taxable income of no more than $125k based on last financial year Notice of Assessment
What type of home can you purchase?
Any type of residential property in Australia priced below the property price caps. Properties include:
- Existing or newly built property
- Off-the-plan property
- Vacant land with a contract to construct a residence
- House and land package
What type of home loan could you apply for?
- Home loan for an owner occupier
- Home loan term of up to 30 years (this includes the construction phase of up to two years if building a new home)
- Home loan with principal and interest repayments (except during construction phase, if building a new home)
The loan process.
From a quick chat to settlement, these are the steps to owning your first home.
List of Services
-
1. Say hello
It all starts with taking about one minute to answer a few simple questions right here. When you’re done, we’ll meet to talk about your goals, opportunities and next steps, in person or online.
-
2. Get those goalsList Item 2
We’ll compare a long list of loan providers and create a shortlist that’s sure to suit you.
-
3. The nitty gritty
Found your lender? Well sit back. We’ll do the paperwork and package, sign and lodge your documents to get you primed and ready for pre-approval.
-
4. So… How much can you borrow?List Item 4
If your pre-approval gets the tick, your borrowing power will be revealed. This amount is valid for three months and gives you a clear idea of what you can spend. Let the house hunting begin!
-
5. Seal the deal
After all the ups and downs of the home buying hunt, you’ve found a home and made an offer. While you pop the champagne, we’ll keep track of your application to ensure it all runs smoothly.
-
6. Settlement - your big day!
Get excited, it’s time for settlement. Sit back and enjoy the moment, we’ll let you know when everything is finalised and your lender has released the funds.
Loan types and features.
There are a number of loan types available to you; variable rates, fixed rates, guarantor loans and more, scroll through some of the options below to get a better understanding of what the differences are. We’re here to answer your questions when you’re ready.
Variable rate loan
As the name suggests, the interest rate can change over the life of the loan. This gives you flexibility, but can also leave you open to rate rises. These loans offer more flexible features like unlimited additional repayment, redraw, and offset account.
Fixed rate
Basically, this is the opposite of a variable rate loan. Your interest rate and repayments will stay the same during the fixed term, no matter what. So no surprises.
Split loan
You're able to fix part of your loan, while leaving the rest variable.
Packaged loan
Professional packages offer discounts on standard variable and fixed rates, the waiving of fees, and in some cases, great deals on other products from the same lender. A packaged loan usually comes with one annual fee for the bundled products.
Introductory rate loan
Also known as 'honeymoon' loans, these offer a low interest rate for a short period [e.g. a year], after which the rate moves to the standard variable rate.
Interest only loans
As the name suggests, you only pay the interest on the principal balance for a set term, with the principal balance unchanged.
Guarantor home loans
A guarantor uses the equity they've built up in an existing property to help you purchase your property sooner. Guarantors could be your parents, parent-in-law or a step parent or grandparents.
Calculators.
Use these calculators to help you understand your borrowing power and calculate how much stamp duty you might need to pay.
FAQs for first
home buyers.
We’ve got your questions covered.
