The Home Guarantee Scheme is your chance to secure your dream home with a low deposit
Potentially save over $39,000 in Lenders Mortgage Insurance and Stamp Duty fees!
- Family Home Guarantee: Borrow with 2%
- First Home Guarantee: Borrow with 5%
- Regional Home Guarantee: Borrow with 5%
What is the home guarantee scheme?
The Home Guarantee Scheme is a government plan introduced to help borrowers with a deposit of at least 2% qualify for a home loan without paying Lenders Mortgage Insurance (LMI).
You can apply for the Home Guarantee Scheme in conjunction with the First Home Buyers Grant and Stamp Duty Concession.
From 1 July 2023, the categories of people eligible for the scheme have been expanded.
who can qualify?
- Australian citizens and permanent residents are eligible to apply for all three schemes: First Home Guarantee, Regional First Home Guarantee and Family Home Guarantee.
- Borrowers who are single, legal guardians of children – such as their aunts, uncles and grandparents – can apply for the Family Home Guarantee.
- Friends, siblings and other groups of family members can jointly apply for the First Home Guarantee and Regional First Home Buyer Guarantee.
- Non-first-home buyers who have not owned property during the last 10 years can also apply.
How do the plans under the home guarantee scheme work?
First Home Guarantee
- The minimum deposit is 5%.
- A new or existing home is accepted as a property.
- 35,000 spots for the year are available from 1 July 2023.
- Single people or joint applicants, who can be family or friends, can apply.
- First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
- There are no location restrictions, but price caps vary by area.
Family Home Guarantee
- The minimum deposit is 2%.
- A new or existing home is accepted as a property.
- 5,000 spots for the year are available from 1 July 2023.
- Single parents or guardians with at least one dependent can apply.
- First-home buyers or previous homeowners who do not intend to own a property other than the one they buy with the guarantee.
- There are no location restrictions, but price caps vary by area.
Regional First Home
- The minimum deposit is 5%.
- A new or existing home is accepted as a property.
- 10,000 spots for the year are available from 1 July 2023.
- Single people or joint applicants, who can be family or friends, can apply.
- First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
- There are location restrictions — you can buy only in regional areas. Price caps apply.
