Get Access To FHB Guarantee Scheme
Get into your new home sooner. We can guide you through the process.
Understanding the First Home Buyer Guarantee Scheme
Under the First Home Buyer Guarantee Scheme (FHBG), part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance. For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). Eligibility criteria apply. You can contact us to check your eligibility for this scheme.
For more updated information, please visit: https://www.housingaustralia.gov.au/support-buy-home/first-home-guarantee
What is the First Home Buyer Guarantee Scheme?
The First Home Buyer Guarantee is part of the Australian Government’s Home Guarantee Scheme. It allows eligible first-time home buyers to purchase a home with just a 5% deposit, without needing to pay Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the loan, reducing the risk for lenders and helping buyers avoid extra costs.
How the First Home Buyer Guarantee Can Benefit You
Access to More Affordable Housing
By reducing the deposit barrier, the scheme allows you to consider homes that might have previously been out of reach.
Lower Deposit Requirements
Saving for a 20% deposit is a major challenge for many first-time buyers. With this scheme, you only need a 5% deposit, helping you get into your first home faster.
Avoid Lenders Mortgage Insurance (LMI)
LMI can add thousands to your home loan. The government guarantee eliminates this cost, saving you money up front.
Who is Eligible for the First Home Buyer Guarantee?
To qualify for the scheme, you must meet the following criteria:
Eligibility criteria
To apply for the FHBG, home buyers must be:
- Applying as an individual or two joint applicants
- An Australian citizen(s) or permanent resident(s)* at the time they enter the loan
- At least 18 years of age
- Earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
- Intending to be owner-occupiers of the purchased property
- First home buyers or previous homeowners who haven’t owned or had an interest in a real property in Australia (this includes owning land only) in the past ten years.
How We Can Help
The First Home Buyer Guarantee Scheme can be complex, and understanding how it works is key to making the most of it.
As a trusted mortgage broker, Loan Melbourne is here to help you make confident, informed decisions and achieve your dream of homeownership.
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Our services are free to you because we’re paid by the lenders. After your loan is settled, we’ll still be here to offer advice and help with refinancing if needed. Our goal is to make sure you get the best deal and feel confident as you move into your new home.
Find Out More About FHB Guarantee Scheme. Contact Loan Melbourne
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