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2023-12-22 2:05 pm

First Home Guarantee

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme, an Australian government initiative to support eligible homebuyers purchase a home sooner.

What is the First Home Guarantee?

You could be a home owner before you know it.

We know how hard it is to save for a deposit when you’re renting, working and studying. That’s why we’ve signed on as an approved lender to the Australian Government’s home buyer initiative, the ‘First Home Guarantee' (FHBG).

The FHBG allows eligible home buyers on low and middle incomes to purchase a home with a deposit of as little as 5%. The guarantee removes the (often significant) cost of Lender’s Mortgage Insurance (LMI) which is something you would usually pay if you have a deposit of less than 20%. This is because Housing Australia guarantees to a participating lender up to 15 percent of the value of the property purchased.

How does it work?

35,000 places have been released under the First Home Guarantee (FHBG) for 2023-24. These places support eligible home buyers to purchase a new or existing home.

This means, from 1 July 2023, you can apply for the First Home Guarantee (FHBG), with a deposit of between 5% and 20%, to purchase a home and you won’t need to pay Lenders Mortgage Insurance (LMI).

Who it's for

To qualify for the scheme, you’ll need to meet the list of eligibility criteria below:

  • You are purchasing a home to live in yourself or with one other person
  • You're a first homebuyer or have not owned a property in Australia in the last 10 years
  • You’re aged over 18
  • You’re an Australian citizen or permanent resident of Australia
  • You earn less than $125k in a tax year or, as a couple, less than $200K combined
Be purchasing
  • A residential property
  • If you’re building, the loan also includes construction costs to build a residential property on the land you want to buy
  • You stay under the price caps for each state and region.
  • You must apply for a Principal and Interest loan (no Interest-Only loans)

Find out more about the eligibility criteria on the First Home Guarantee website.

Check out the First Home Guarantee fact sheet

First Home Guarantee information guide

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Own your own home with the Family Home Guarantee


The Family Home Guarantee (FHG) provides eligible single parents or single guardians with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan.

From 1 July 2023 5,000 Family Home Guarantees will be made available each financial year, until 30 June 2025.

Read more

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