What is the First Home Guarantee?
The First Home Guarantee (FHBG) is an Australian Government initiative to help you as an eligible home buyer enter the housing market sooner. It is administered by Housing Australia under the Home Guarantee Scheme (Scheme) on behalf of the Australian Government.
Usually as a home buyer with less than a 20 per cent deposit, you need to pay lenders mortgage insurance. Often, this could amount to thousands of dollars. Under the First Home Guarantee, you can purchase a home with a deposit of as little as 5 per cent without the big cost of lenders mortgage insurance. This is because Housing Australia guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible home buyer’s home loan.
To find out more or assess your eligibility, talk to us, download the First Home Guarantee Fact Sheet or view the information guide.