Whether you’re buying or building your first home, the experience can be a daunting, as it’s probably one of the biggest purchases you’ll ever make.
To support you in your first home buyer journey, there are several types of support from the Australian Government that you may be eligible for. To help minimise your research time we have summarised the opportunities below that could help you with your first home experience.
Check your eligibility
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An owner occupied home loan paid on a principal and interest basis must be entered into. Investment properties are not supported |
18+ Australian Citizen and not have previously owned or had an interest in a residential property |
Must be able to provide 2021-22 Notice of Assessment issued by the ATO to reserve a place in the Guarantee |
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Singles with a taxable income of up to $125,000 p.a and couples* with a combined taxable income of up to $200,000 p.a for the previous financial year |
Applicants must have a deposit of at least 5% of the value of an eligible property saved. |
Your maximum property purchase price will be restricted by the suburb and postcode** |
* Couples are only eligible for the scheme if they are married or in a de facto relationship. Other persons buying together, including siblings, parent/child or friends, are not eligible
** To find out the property price threshold of a suburb you a looking to buy in you can try the NHFIC tool here.
For detailed eligibility criteria review the FHBG fact sheet or use the handy comparison table to determine which option may be eligible for.
FHBG information guide also available.
There are no costs or repayments associated with the Guarantee. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the guarantee.
Eligible property types
If you are a first home buyer and also a single parent, the Family Home Guarantee could also be an option for you.
Family Home Guarantee (FHG)
Saving to purchase a family home can be a challenging task, especially when you are a single parent.
The Family Home Guarantee is designed to support eligible single parents by providing a guarantee to Participating Lenders which allows you to buy a family home with a deposit of as little as 2%. This Guarantee enables single parents with at least one dependent child to enter or re-enter the housing market sooner. Normally, to avoid paying Lenders Mortgage Insurance, anyone purchasing a property will need to save a 20% deposit (based on the property value). Taking advantage of the Family Home Guarantee will allow you to bypass Lenders Mortgage Insurance without having to stress about providing an extra 18% in your deposit. Investment properties are not covered by the Family Home Guarantee.
As a first home buyer you may also be eligible for other government support programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants, and stamp duty concessions.