BSB 806 015

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Further to the Reserve Bank’s increase in the official cash rate on Tuesday 2 August 2022, P&N is making changes to interest rates across several deposit and lending products. View details

BSB 806 015


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Minimum 5% deposit

Get into your first home sooner

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Pay no LMI

Save thousands in Lenders Mortgage Insurance costs 

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Access to our best products

All members get access to the same great loan benefits

What is the First Home Guarantee?

The First Home Guarantee (FHBG) is an Australian Government initiative to help eligible first home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5% without needing to pay for Lenders Mortgage Insurance (LMI).

From 1 July 2022, there will be 35,000 FHBG places available for the 2022-23 financial year.

Are you eligible for the First Home Guarantee?

To apply to the First Home Guarantee, you'll be subject to the following eligibility criteria. You need to provide documentation to prove your eligibility and secure your position.

Eligibility criteria includes:

  • You must be purchasing an eligible property.
  • You must be an Australian citizen at least 18 years of age. Permanent residents are not eligible.
  • You must have earned less than $125,000 as a single person, and less than $200,000 for couples in the last financial year. Couples must be married or de-facto.
  • There are also regional property price caps set by state and territory governments. For example, Perth’s maximum property purchase price is $600,000, while the property price threshold in regional WA is $450,000.

What property types qualify?

Eligible property types for the First 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.

The government has also developed a questionnaire to help first home buyers determine the property price caps for the suburbs where they’re looking to purchase a property. All you need to do is follow the link and enter the postcode for the area you want to buy in to find out the property price cap.

Property cap search

What about the state and federal building grants on offer?

Great news! The building grants currently on offer from state and federal governments are independent to this Scheme, which means if you're eligible for both this Scheme and any of the other grants, you'll benefit from both.

Find out more about building grants

Want to get started?

Get in touch with us

We're here to assist you in the most convenient way possible, whether that's online, over the phone, at your local branch, or visiting you at home or work.

We're ready to help

No matter what stage you're at when it comes to buying a home, we're here to help you from application to settlement, as well as answer any questions that come up along the way.

Book an appointment

  • In one of our 15 branches
  • At your home or workplace
  • Video appointment with our virtual lending team
Request appointment

Make an enquiry

Are you after more information? One of our experienced home lenders will get in touch with you to answer any questions you may have.

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Meeting the eligibility criteria does not mean that you will receive either a guarantee or a loan from a participating lender.

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