First Home Guarantee: Who Qualifies and What You Get
Learn how the First Home Guarantee helps you buy a home with a smaller deposit by using a government guarantee.
The First Home Guarantee is a program designed to help people buy their first home using a smaller deposit than they would typically need.
Who it's for
This scheme is specifically for first home buyers who have a small deposit but want to avoid paying extra costs usually associated with lower deposits.
What you get
The government provides a guarantee to your lender. This means you can take out a loan with a 5% deposit instead of the much larger amount usually required, helping you get into the property market sooner.
What it costs you
To use this scheme, you must work with a participating lender. You will need to find a bank or financial institution that takes part in this specific program.
The catch to know
Availability is not unlimited. There are a limited number of spots available each financial year, so you should act quickly once you are ready to buy.
How to apply
- Research which lenders participate in the scheme.
- Speak with a lender to check your eligibility.
- Apply for a loan through your chosen lender.
- Visit the official portal for more details: https://www.housingaustralia.gov.au