Home Guarantee Scheme

Saving for a deposit on your first home can be tough, which is why we're proud to partner with the Australian Government and Participating Lenders on the Home Guarantee Scheme to support more first home buyers and single parents in achieving their homeownership dreams.

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Typically, you'll need to save at least 20% of a property's value to secure a home loan, avoid Lenders Mortgage Insurance (LMI) and bypass the need for a guarantor.

With our flexible home loan options and competitive interest rates, the Home Guarantee Scheme offers an additional pathway to help you get into your own home sooner.​​

What is the First Home Guarantee?

​With the First Home Guarantee, you can contribute as little as 5% of the property's value for your deposit, while Housing Australia provides a guarantee to the lender covering up to 15% of the property's value.

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This initiative from the Australian Government is designed to help eligible home buyers, particularly those with low to middle incomes, purchase their first home sooner with a smaller deposit.

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For the current financial year, 35,000 First Home Guarantee places are available through a panel of participating lenders, including the Commonwealth Bank, NAB and Westpac.​

What is the Family Home Guarantee?

With the Family Home Guarantee, you can secure a home with a deposit as low as 2% of the property’s value, while Housing Australia provides a guarantee to the lender covering up to 18% of the property's value.

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This Australian Government initiative supports eligible single parents or single legal guardians with at least one dependent child in purchasing a family home. It enables those with low to middle incomes to buy a home with a minimal deposit, regardless of whether they are a first-time buyer or a previous homeowner.

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For the current financial year, 5,000 Family Home Guarantee places are available through a panel of participating lenders, including the Commonwealth Bank, NAB and Westpac.

What is the Regional First Home Buyer Guarantee?

With the Regional First Home Buyer Guarantee, you can buy a home in regional areas with a deposit as low as 5%, while Housing Australia provides a guarantee to the lender covering up to 15% of the property's value.

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This Australian Government initiative is designed to help eligible home buyers in regional areas, particularly those with low to middle incomes, secure a home sooner with a smaller deposit.

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For the current financial year, 10,000 Regional First Home Buyer Guarantee places are available through a panel of participating lenders, including the Commonwealth Bank, NAB, Westpac.​

Are you eligible for the First Home Guarantee, Family Home Guarantee or Regional First Home Buyer Guarantee?

To check your eligibility for the Home Guarantee Scheme, visit the Housing Australia website. The following conditions generally apply:

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• Applicants must be Australian citizens or permanent residents aged 18 or older.

• Applicants must not have owned or had an interest in any residential property in the last 10 years. This includes both investment and owner-occupied properties, as well as residential strata and company title properties. Family Home Guarantee applicants can have previously owned property, but at the time of purchase, they must not hold a freehold interest in any property.

• Single applicants with a taxable income of up to $125,000 per year and couples with a combined taxable income of up to $200,000 may be eligible.

• For the First Home Guarantee and Regional First Home Buyer Guarantee, co-borrowers are eligible, including married or de facto partners, siblings, parents/children, or friends.

• The Family Home Guarantee is available to single parents or single legal guardians with at least one dependent child.

• The Guarantee applies only to owner-occupied home loans on a principal and interest basis (investment properties and interest-only loans are excluded). Loans for both vacant land purchase and home construction may be eligible, even with interest-only payments during the construction phase.

• For the First Home Guarantee and Regional First Home Buyer Guarantee, applicants must have a deposit between 5% and 20% of the property's value. For the Family Home Guarantee, applicants must have a deposit between 2% and 20%.

• For the Regional First Home Buyer Guarantee, at least one applicant must have lived in the region (ASGS SA4 2016) or an adjacent region for the previous 12 months. Use the Housing Australia Regional Checker to confirm eligibility for your postcode.

• Property purchase prices are subject to limits based on your property's suburb and postcode. Check the Housing Australia property price threshold tool to find your area's limit.

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You can only use the Guarantee once for home settlement. If you don’t purchase a property within the required timeframe, you may be eligible to reserve a new place.