The scheme is designed to assist eligible first home buyers, providing a guarantee when buying a home with a deposit of as little as 5 per cent.
The government issues 35,000 places into the scheme each financial year. Along with the First Home Guarantee FHBG, eligible first home buyers can also access other governments programs such the First Home Owners Grant (FHOG) and stamp duty concessions.
To be eligible for the FHLDS you need to be an Australian citizen with an income of less than $125,000 for singles and $200,000 for couples. You must have saved a deposit of at least 5% and be purchasing a new home (not an investment property). Read more about the First Home Guarantee scheme here,
In July 2022 the government launched the Family Home Guarantee Scheme, followed by the Regional First Home Buyer Guarantee in October 2022
The Family Home Guarantee requires a minimum deposit of only 2% and is available to single parents. There are 5,000 places within the scheme each year and eligible applicants need to be Australian citizens or permanent residents, earning no more than $125,000 per year. The property to be purchased must be for owner occupation.
Applicants of the Family Home Guarantee may have previously owned property. You can learn more about the scheme here.
The Regional First Home Buyer Guarantee (RFHBG) has the same eligibility requirements as the First Home Guarantee. The scheme is targeted at Australian's which live in regional areas of Australia and there are only 10,000 places each year.
In NSW the maximum purchase price under the scheme is $700,000.
The government is only issuing the First Home Loan Deposit Scheme through selected lenders. A table of the lenders we work with, who are part of the government schemes are listed below. To find out more, contact one of our mortgage brokers for a free consultation.
