Government Schemes

Here are four key schemes available nation-wide to first home buyers, provided by the Federal Government.

The First Home Guarantee (FHG)

Purpose: The FHG enables first-home buyers to purchase a home with as little as a 5% deposit without paying Lender’s Mortgage Insurance (LMI), providing significant cost savings.

Eligibility: Available for Australian citizens, 18 years or older, with a maximum individual income of $125,000 or $200,000 for couples, exclusively for first home purchases.

Application: A limited number of FHG places (35,000) are available yearly and distributed through participating banks.

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The Family Home Guarantee

Purpose. The Family Home Guarantee aims to support eligible single parents or single legal guardians of at least one dependent to purchase a home. From 1 July 2024 to 30 June 2025, 5,000 FHG places will be available. The FHG allows eligible home buyers to purchase a home with as little as a 2% deposit, with a guarantee provided by Housing Australia and no requirement to pay Lenders Mortgage Insurance.

Eligibility. To be eligible, individuals must be applying as an individual, a single parent or single legal guardian of at least one dependent, an Australian citizen or permanent resident, earning no more than $125,000 per year, and intending to be the owner-occupier of the purchased property. The FHG is open to both first home buyers and previous homeowners who do not intend to own a separate property upon settlement of the guaranteed property.

Application. Applications can only be made through Participating Lenders or their authorised representatives. Included in the application process is the requirement to provide a Notice of Assessment (NOA) to validate eligibility for the HGS. For further details, it is recommended to contact a Participating Lender for more information.

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The First Home Owner Grant (FHOG)

Purpose: The FHOG consists of a $10,000 gift from the government for purchasing or constructing a new home, aiming to promote the construction of new homes and offering financial assistance to first home buyers.

Eligibility: Applicable to first home buyers, aged 18 years or older, planning to live in the property, and for new homes valued up to $600,000 or land and construction for a new home valued up to $750,000.

Application: The application is lodged by the bank on behalf of the buyer.

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First Home Super Saver Scheme (FHSSS)

Purpose: The FHSSS allows individuals to save for their first home using their super funds, providing tax advantages and potential higher returns on savings.

Eligibility: Available for first home buyers, 18 years or older, who have never owned property and intend to live in the purchased property.

Application: Buyers apply for a determination through the ATO and can access their funds when ready to buy.

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There are also state specific schemes, available only when buying your first home within that state - we have included a link below to the relevant information for each state:

The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.

There may be occasions where you may be charged a fee by your broker.

Your broker is able to assess each lender's approval times and identify those that can provide approval quickly, however this is subject to change and can vary significantly based on how complex is your loan application and how quickly you’re able to provide the information we need.

Not all lenders are available to all brokers. The exact details of the lenders your broker has access to is disclosed within the Credit Guide your broker gives to you when providing credit assistance or is available upon request.

The way in which your broker will stay in touch with you will differ, however typically this will be via email. In addition you will be able to contact them for guidance as required. You are able to opt out of these communications at any stage.

Government Schemes

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