First Home Buyer Guarantee (FHBG)
Federal Government Home Guarantee Schemes
FHBG
FHG
RFHBG
Helping first time home buyers located in the regional areas of Australia to buy a home sooner, with as little as 5% in savings or gifted funds
Key Advantages of the FHBG
Guaranteed
Your loan is guaranteed by Housing Australia, from any where between 5% to 20%
Minimum deposit
You can buy with 5% if your income meets the requirements or as little as 2% if you are buying as a single parent
Avoid LMI
Save thousands of dollars in Lenders Mortgage Insurance costs, which protects the lender.
Check out the latest interest rates on offer for first home buyers
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Lowest Construction Loan Rate
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Repayments are based on the dollar value represented in the search fields with P&I repayments and a 30 year loan term.
- Offset Account Available
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Repayments are based on the dollar value represented in the search fields with P&I repayments and a 30 year loan term.
Eligibility Criteria
The minimum deposit required for the FHBG is 5%, however you can use up to 20% without any Lenders Mortgage Insurance (LMI), helping you reduce your repayments.
There is also support available for single parents, where you only need 2% of the purchase price to be eligible.
You are eligible if:
- Buying as an individual or jointly, and must not have bought a property before or in the last 10 years.
- Buying your first home to live in.
- Maximum ATO taxable income from the previous financial year was $125,000 for individual applicant, and $200,000 for joint applicants.
- Aged over 18 and are a permanent resident or Citizen, or a NZ Citizen.
If you are looking to buy as a single parent or legal guardian, you will be eligible to apply as long as you are not earning more than $125,000 per year.
You can purchase the following property types:
- Established House, Apartment or Townhouse
- House & Land Package
- Land and Contract to build
- Off the plan Apartment or Townhouse
The Home Guarantee Scheme is income assessed. We will need your Notice of Assessments from the ATO for the last completed financial year.
For aspiring first home buyers looking to take advantage of the FHBG scheme, if you are an individual you can’t be earning more than $125,000 and $200,000 for multiple applicants. For the current financial year the income assessed will be the 2022/23 ATO Notice of Assessment
For single parents looking to take advantage of the 2% deposit scheme, your income must not exceed $125,000 in the 2022/23 ATO Notice of Assessment.
You can apply right here. We have access to the participating lenders, both big 4 banks and the smaller lenders. Simply book a call with a FHBA Coach to find out more.
Are you ready now?
From 1 July 2023 – 30 June 2024, there are only 35,000 FHBG places are available. There are only 5,000 FHG places available for single parents.
Get started now
Are you interested in one of the loans mentioned above? Or would you like more information on the home loans that are available to you? Simply complete the form below and a first home buyer expert (Broker/Coach) will be in touch with you:
