First Home Guarantee (FHBG)

With as little as 5% deposit, eligible first home buyers have the opportunity to purchase a property through the First Home Guarantee (FHBG).

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What is the First Home Guarantee?

The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible first home buyers purchase their first home sooner. It is administered by the National Housing Finance and Investment Corporation (NHFIC) under the Home Guarantee Scheme (Scheme) on behalf of the Australian Government.

Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the First Home Guarantee, eligible first home buyers can purchase a modest home with a deposit of as little as 5 per cent (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.

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first home owners offer

Variable rate (P&I) home loan

4.20% p.a.

Variable interest rate

4.29% p.a.

Comparison rate*

For new owner occupied P&I home loans $150k to under $800k

View comparison rate information

The works package variable home loan

Variable rate (P&I) home loan

4.25% p.a.

Variable interest rate

4.72% p.a.

Comparison rate*

For owner occupied P&I home loans

View comparison rate information

Refer to the Fees and Charges for more information.

who is eligible to apply?

  1. Australian citizens who are at least 18 years of age. Permanent residents are not eligible.
  2. Single applicants with a taxable income of up to $125,000 per annum for the previous financial year and couples with a taxable income of up to $200,000 per annum for the previous financial year, as shown on the Notice of Assessment (issued by the Australian Taxation Office). For all FHBG applications made from 1 July 2022 to 30 June 2023, the relevant financial year assessed will be 2021-22.
  3. Couples are only eligible for the First Home Guarantee if they are married or in a de-facto relationship with each other. Other persons buying together, including siblings, parent/child or friends, are not eligible for the First Home Guarantee.
  4. The First Home Guarantee assists single (individual) applicants and couples (together) who have at least 5 per cent of the value of an eligible property saved as a deposit. If 20 per cent or more is saved, then the home loan will not be covered by the First Home Guarantee.
  5. Loans under the First Home Guarantee require scheduled repayments of the principal and interest of the loan for the full period of the agreement (with limited exceptions for interest only loans, which mainly relate to construction lending).
  6. Applicants must intend to be owner-occupiers of the purchased property. Investment properties are not supported by the First Home Guarantee.
  7. Applicants must be first home buyers who have not previously owned, or had an interest in, a property (including owning, or having owned land) in Australia, either separately or jointly with someone else (this includes residential strata and company title properties).

Check your eligibility with NHFIC

What property price thresholds apply?

For a property to be eligible it must be a ‘residential property’ – this term has a particular meaning under the First Home Guarantee and participating lenders can assist if there is any doubt. Eligible residential properties include:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse

Specific dates and requirements apply for thedifferent property types.

Use NHFIC’s property price threshold tool to work out the maximum property purchase price in the area you’re interested in under the Guarantee.

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Important notes

All loan repayments must be made from the Everyday Transaction account. The $6 monthly account keeping fee is waived while the home loan is held. The Works Package Annual fee is payable yearly. Special rate offers are not available for construction loans. For our complete The Works Package conditions review The Works Package Conditions of Use. *Comparison rates are calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Eligibility criteria, terms & conditions, fees & charges apply. Please refer to the Fees and Charges

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