Canberra & Perth

First Home
Guarantee Scheme (FHGS)

Navigating the journey toward homeownership, countless potential home buyers grapple with the formidable task of accumulating a sufficient deposit. Amid soaring real estate values and an escalating cost of living, the march toward saving can feel like a very low process.

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benefit

To alleviate this hurdle, the federal government has unfurled the Home Guarantee Scheme, illuminating a path for hopeful homeowners to materialize their dreams with greater ease.

benefits

  • Under this initiative, aspiring home buyers may step into their future homes with a minimal deposit requirement of merely 5%.
  • The government pledges to underwrite the additional 15%, enabling lenders to lend loans to these hopeful buyers without the burden of Lender’s Mortgage Insurance (LMI).
  • Tailored with precision for those venturing into homeownership for the first time.
  • Income and house price limits apply.

Here are the general requirements for purchasing a home under the guarantee:

  • Applicants must be first home buyers or not have owned property over the past 10 years.
  • Applicants can apply as an individual or as a joint application with one other person (for example, a partner, friend or family member)
  • Single applicants may have an annual taxable income of no more than $125,000
  • Joint applicants must have a combined annual taxable income of no more than $200,000
  • Applicants must intend to be owner-occupiers of the property, rather than using the property for investment purposes
  • Applicants must be Australian citizens or permanent residents who are at least 18 years of age.

The First Home Guarantee allows you to buy any type of residential property, provided it falls under the price cap thresholds for your state/territory.This means you could purchase:

  • An existing house, apartment or townhouse
  • A house and land package
  • An off-the-plan townhouse or apartmentLand and a build contract to construct the home.