The Australian Government's First Home Guarantee lets eligible first home buyers purchase a property with as little as 5% deposit — with no Lenders Mortgage Insurance. Here's everything you need to know.
Yes — these are separate schemes that can be used together. The First Home Guarantee removes the need for LMI on your loan. The First Home Owner Grant provides a cash grant (up to $10,000 in NSW for new homes). Combined, they can significantly reduce your upfront costs.
No — both applicants must be first home buyers. If either partner has previously owned residential property in Australia, you are not eligible for the scheme as a couple.
The government guarantee remains in place until your LVR drops below 80% through repayments or property value growth — at which point the guarantee is released automatically. Selling before then means the guarantee ends when the loan is repaid from the sale proceeds.
The Family Home Guarantee is specifically for single parents with at least one dependent child. It allows purchase with just 2% deposit and no LMI. The First Home Guarantee is for first home buyers generally and requires a 5% deposit.
No — they are different schemes. The First Home Guarantee is about your deposit and LMI. The First Home Super Saver Scheme allows you to save your deposit inside superannuation and withdraw it for a home purchase. Both can be used together.
You apply through a participating lender — not directly through the government. Your specialist will identify the right participating lender for your situation and handle the application process.
Everything above is general information. When you’re ready to act on your situation, a vetted home loan specialist comparing 30–60 lenders will model your exact numbers — free to you, no cost and no obligation.
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