First Home Guarantee
If you're looking to purchase a home, the First Home Guarantee is here to make buying or building it easier.
Minimum 5% deposit
Get into your home sooner with a smaller deposit.
Pay no LMI
Save thousands in Lender's Mortgage Insurance costs.
Access to all products
All our customers get access to the same great benefits.
What is the First Home Guarantee?
The First Home Guarantee (FHBG) is an Australian Government initiative to help eligible home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible home buyers to purchase a home with a deposit of as little as 5% without needing to pay for Lender's Mortgage Insurance (LMI).
From 1 July 2023, there are 35,000 FHBG places available for the 2023-24 financial year.
Are you eligible?
To apply to the First Home Guarantee, you'll be subject to certain eligibility criteria as outlined below. You need to provide documentation to prove your eligibility and secure your position.
- You must be purchasing an eligible property.
- You can apply as an individual or jointly with a partner, friend, sibling, and other family member.
- You must be an Australian citizen or eligible permanent resident at the time you enter the loan.
- You must be at least 18 years of age.
- You must be earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office).
- You must be intending to be owner-occupiers of the purchased property.
- You must be first home buyers who have not previously owned, or previous homeowners who haven't owned a property in Australia in the past 10 years.
- There are also property price caps set by the Australian government. For example, Perth’s maximum property purchase price is $600,000.
What property types qualify?
Eligible property types for the Family Home Guarantee include:
- an existing house, townhouse or apartment
- a house and land package
- land and a separate contract to build a home, or
- an off-the-plan apartment or townhouse.
Housing Australia has also developed some tools to help first home buyers determine the property price caps for suburbs they’re looking to purchase a property in. All you need to do is enter the postcode for the area you want to buy in to find out more information.
Additional resources
Fact sheets and information guides:
We’re here to help
Drop us your details and a home loan specialist will get back to you.
Ready to apply?
Set up a phone, video or in-person appointment with one of our home loan specialists.
Talk to our friendly team
Got a question? Call us on 13 25 77 or pop into your nearest branch.
Important information
Meeting the eligibility criteria does not mean that you will receive either a guarantee or a loan from a participating lender.