First Home Guarantee (FHBG)

What is the First Home Guarantee (FHBG) and how does it work?

The purpose of the First Home Guarantee is to support eligible home buyers to enter the housing market sooner.

If you’re eligible, you can purchase or build a modest home with a deposit of as little as 5 per cent without paying Lenders Mortgage Insurance (LMI), which could potentially save you thousands. This is because the Housing Australia, which administers the Scheme, guarantees to us, as a participating lender, up to 15 per cent of the value of the property.

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Am I eligible?

• You need to be an Australian citizen or permanent resident and at least 18 years old
• You need to be a first home buyer or a buyer who hasn't owned a property in Australia in the past 10 years. 
• You need to be buying a property that you will live in.
• You need to be able to demonstrate your ability to save over time (genuine savings), with a minimum 5% deposit saved for the property you wish to buy plus enough to cover standard fees and charges like stamp duty.
• You need to meet the income eligibility requirements, which are single buyers earning up to $125,000, or joint applicants (which can be married or de-facto couples, friends, siblings or other family members) earning up to $200,000 per annum for the previous financial year, as shown on the Notice of Assessment (issued by the Australian Taxation Office).
• There are property price thresholds that apply. Use the Housing Australia postcode search tool to find out the maximum property price of the area you're interested in.

What type of property can I buy?

For a property to be eligible it must be:

• an existing house, townhouse or apartment
• a house and land package
• land and a separate contract to build a home
• an off-the-plan apartment or townhouse

Key information about the FHBG

How to apply

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