First Home Buyer Guarantee (FHBG)
Federal Government Home Guarantee Schemes
Key Advantages of the FHBG
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:
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.
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.
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: