Buying your first home can sometimes feel like a complicated and overwhelming process, which is why we make the experience as simple and smooth as possible.
To assist first home buyers in breaking into the property market, we have our pathways outlined to help realise the dream of owning your first home.
Click the button below to watch the dedicated video for our first home pathways.
| Home Guarantee Scheme*1 | ||||
| First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus*2 |
|
| Who is eligible? |
Australian citizens or permanent residents3 Individual or joint applicants4 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years |
Australian citizens or permanent residents3 Individual or joint applicants4 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years At least one borrower must have lived in the regional area or adjacent regional area for the previous 12 months |
Australian citizens or permanent residents3 Single parents or single legal guardians who do not currently own a property or do not intend to own a separate property when they settle on the home |
Australian citizens or permanent residents3 First home buyers |
| Purchase location | Australia-wide | Australia-wide | Australia-wide | Australia-wide |
| Minimum deposit | 5% | 5% | 2% | 5% |
| Income threshold | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 | N/A |
| Property price caps | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | No |
| Asset limits | No | No | No | No |
| Key benefits | Home Guarantee Scheme*1 | |||
| First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus*2 |
|
| Government’s contribution to equity | No | No | No | No |
| Avoid Lenders Mortgage Insurance (LMI) | Minimum 5% deposit required | Minimum 5% deposit required | Minimum 2% deposit required | Minimum 20% deposit required |
| Option of third party guarantee to avoid/reduce LMI | No | No | No | Yes2 |
| Annual fee | Waived | Waived | Waived | Waived |
| Establishment fee | Waived | Waived | Waived | Waived |
| Settlement fee | Waived | Waived | Waived | Waived |
| Valuation fee | Waived - for one property only | Waived - for one property only | Waived - for one property only | Waived - for one property only |
| Unity Bank legal fee | Waived | Waived | Waived | Waived |
With high property prices it can be overwhelming for first home buyers to save for a deposit. However, there is a way to make this more achievable with the assistance of those closest to you.
Discover how a Parental Guarantee can help turn your dream of homeownership into a reality.
View our member testimonials and see how we've helped them achieve their home ownership dreams.
* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only.
1. Unity Bank is authorised to offer the Australian Government’s Home Guarantee Scheme, under which the Government guarantees up to 15% of the value of the property (FHBG and RFHBG) and up to 18% for FHG. The Guarantees are not cash payments or deposits for your home loan. For more information click First Home Guarantee (PDF), Family Home Guarantee (PDF) and Regional First Home Buyer Guarantee (PDF). Target Market Determination available here.
2. Only available for first home buyers. Minimum home loan balance $150,000. Maximum loan period 30 years. Interest rate calculated daily charged monthly. For third party guarantees, credit eligibility applies to guarantor and guarantor must grant Unity Bank a mortgage over their property as security.
3. For Home Guarantee Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.
4. Joint applicants may include partners, friends, siblings, and other family members.
