National Grants
The First Home Buyers Guarantee (FHBG)
This is a fantastic opportunity for first home buyers to enter the property market sooner. Administered by the federal government, this initiative allows around 35,000 eligible buyers annually to purchase a home with a deposit as low as 5% without having to pay Lenders Mortgage Insurance (LMI).
That means you can save thousands of dollars and start your homeownership journey earlier than you might have thought possible.
Essentially, the government guarantees a portion of your home loan, making it less risky for lenders to offer loans with smaller deposits. This opens doors for first home buyers who might not have a large deposit saved up.
To be eligible, you'll need to meet certain criteria, so it's worth checking the details on the Housing Australia website or chatting to your lender.
How it works
- Save as little as 5% deposit
- Government guarantees up to 15% of the property’s value
- No income cap applies
- Eligible properties up to $1.5M
Eligibility snapshot*
- Australian citizen or permanent resident
- First home buyer (you and your spouse must not have owned property in Australia)
- Minimum 5% deposit saved
- Intend to live in the property
For more information about the Home Guarantee Scheme, please click here.
*Conditions apply – see ‘Important Information’
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