From July 1st, 2023, the Australian government is expanding the eligibility requirements for the First Home Guarantee Scheme. These changes will help to make home ownership possible for millions more Australians, in a bid to tackle the housing crisis.
How the scheme works
In this day and age, many banks will accept a deposit somewhere between 5-20% - provided you pay lenders mortgage insurance. This type of insurance protects the lender if in the instance you were no longer able to meet your home loan obligations.
Under the First Home Guarantee scheme, the federal government acts as guarantor on up to 15% of your home loan.
With the additional security, the lender will be prepared to lend up to 95% towards your home value. In addition, you can avoid having to pay lenders mortgage insurance, therefore, significantly reducing the savings you require.
Eligibility changes
From July 1st, 2023 the First Home Guarantee criteria will be expanding.
- The scheme will no longer be limited to Australian Citizens. Permanent Residents will also be eligible for the scheme.
- The scheme will also be available to non-first home buyers - provided you have not owned a property in the past 10 years.
- In addition, the scheme won't be limited to individuals or couples. You can now apply with any eligible friend, partner or family member.
In order to be eligible, you will also need to meet the following:
- At least 18 years of age
- Earning up to $125,000 for individuals or $200,000 for couples
- Intending to be owner-occupiers of the purchased property
You can find up to date information regarding eligibility on the nhfic.gov.au website.
How to apply
All applications for the First Home Guarantee need to be made directly with a participating lender or their authorised representative. Our lending specialists assist our clients to take advantage of the First Home Guarantee scheme.
Purchase price caps
Maximum purchase prices are applicable for eligible properties purchased under the First Home Guarantee. You can search your location and find price caps for additional regions on the nhfic.gov.au website.
| State | Capital City and Regional Centre* | Rest of State |
| NSW | $900,000 | $750,000 |
| VIC | $800,000 | $650,000 |
| QLD | $700,000 | $550,000 |
| WA | $600,000 | $450,000 |
| SA | $600,000 | $450,000 |
| TAS | $600,000 | $450,000 |
* Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast.
Deposits from $10k!
By taking advantage of our Deposit Boost, combined with the First Home Guarantee and First Home Owners Grant, you may only need $10,000 savings to secure your own home. Find out if you qualify in a few simple steps!
