What is the First Home Guarantee?
The First Home Guarantee (FHBG) is a part of the Australian Government's Home Guarantee Scheme.
It's an initiative to support eligible home buyers to buy a home sooner. Under the FHBG, part of the eligible home buyer's home loan from a participating lender is guaranteed by Housing Australia (on behalf of the Australian Government).
This enables an eligible home buyer to buy a home with as little as 5% deposit, without paying Lenders Mortgage Insurance.
It's important to note that an edibility criterion applies and personal circumstances need to be taken into consideration to understand if you are eligible. Working with an expert mortgage broker can ensure you know what is right for you.
What is the eligibility criteria?
To apply for the FHBG, home buyers must be:
*The Department of Home Affairs classifies New Zealand Citizens as Permanent Residents for the purposes of citizenship applications only. This does not extend outside of this process. To verify your eligibility for the Home Guarantee Scheme, please perform a VEVO check with a participating lender.
As shown on the Notice of Assessment (issued by the Australian Taxation Office)
This includes owning land only.
Deposit required
For home buyers applying for the First Home Buyers Guarantee, they will need to have between 5% and 20% of the value of an eligible property saved as a deposit.
The minimum deposit required for the FHBG is 5%, some participating lenders may require a higher percentage deposit based on individual financial circumstances*. I will help guide you through this process and will liaise with the lender on you behalf
*Eligible home buyers are responsible for meeting all costs and repayments for home loans associated with the Home Guarantee Scheme including but not limited to stamp duty, application fee and legal costs.
Read moreProperty types
Under the HGS, home buyers can buy a residential property, including:
About Resolve Finance - Joondalup
Dedicated to exceptional client service, I am here to help home buyers find the right finance solution and property for them.
I see my role as primarily helping people, understanding the value of building relationships, always striving to empathise with my clients, and provide them with the best possible guidance and outcomes as they make some of life’s biggest decisions. Specialising in First Home Buyers, it’s my goal to provide them confidence throughout their journey,
Get in touch with me today to find out if you’re eligible today or if you have any other home loan questions.
See what Taj's clients have to say
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*Eligibility at the discretion of state and/or federal government. Please refer to the Government website: www.housingaustralia.gov.au/support-buy-home/first-home-guarantee. Lenders terms and conditions apply. Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No.385487.