Buying your new home | New Home Guarantee & First Home Loan Deposit Scheme

Congratulations! A new home may be on the horizon.

Whether your new home choice is due to a desire to re-enter the housing market or go out on your own as a single parent or single legal guardian, there may be a Guarantee that can help with your journey.

If you are a previous home owner who hasn't owned a property in the last 10 years you may be eligible for one of the below Guarantees as of 1 July 2023:

First Home Guarantee (FHBG)

The First Home Guarantee has been designed to support eligible home buyers.

The purpose of the First Home Guarantee is to support eligible home buyers to enter the housing market sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year for eligible loans to home buyers with a deposit of between 5 and 20 per cent of the property value

We’ve been approved as a First Home Guarantee Participating Lender by Housing Australia to offer you this option.

Regional First Home Guarantee (RFHBG)

The purpose of the Regional First Home Buyer Guarantee is to help eligible home buyers living in regional areas to buy a modest home in regional areas. It does this by allowing Housing Australia to issue up to 10,000 guarantees for each of the 2023-24 and 2024-25 financial years for eligible loans to regional first home buyers with a deposit of between 5 and 20 per cent of the property value.

What is a regional area?

A regional area is defined as:

the Statistical Area Level 4 (ASGS SA4 2016) areas in a State or the Northern Territory that are not a capital city of that State or Territory; and
Norfolk Island; or the Territories of Jervis Bay, Christmas Island or Cocos (Keeling) Islands; as defined in the version published by The Australian Bureau of Statistics (ABS) in July 2016.

The greater capital city areas of each state and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG. Home buyers in these areas may be eligible for the First Home Guarantee and Family Home Guarantee.

We’ve been approved as a Regional First Home Buyer Guarantee Participating Lender by the Housing Australia to offer you this option.

Check your eligibility

An owner occupied home loan paid on a principal and interest basis must be entered into. Investment properties are not supported	18+ Australian Citizen or Permanent Resident	Must be able to provide 2022-23 Notice of Assessment issued by the ATO to reserve a place in the Guarantee
Singles with a taxable income of up to $125,000 p.a and joint applicants* with a combined taxable income of up to $200,000 p.a for the previous financial year	Applicants must have a minimum 5% deposit, and can include first home buyers or previous home owners~	Your maximum property purchase price will be restricted by the suburb and postcode**
Regional Home Buyer Guarantee applicants (or at least one applicant if applying jointly) who have lived in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement.^	Applicants who intend to be owner-occupiers of the purchased property.^

* Joint applicants may apply for the First Home Guarantee and Regional First Home Buyer Guarantee. Joint applicants may include partners, friends, siblings, and other relatives.

~ Previous homeowners are defined as those who haven’t owned a property in the ten years prior to the date they execute their home loan. Prior property ownership includes a freehold interest in real property in Australia (this includes owning land only), an interest in a lease of land in Australia with a term of 50 years or more, or a company title interest in land in Australia.

** To find out the property price threshold of a suburb you a looking to buy in you can try the Housing Australia tool here.

^ Australian Defence Force applicants may be eligible for a partial exemption and should check with their participating lender if this applies.

Fact sheets and detailed eligibility criteria

For detailed eligibility criteria review the Regional First Home Buyer Guarantee and First Home Guarantee fact sheets or use the handy comparison table to determine which option may be eligible for.

Information guides

There are no costs or repayments associated with the Guarantee. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the guarantee.

Eligible property types

For single parents or single legal guardians with at least one dependant the below Guarantee may apply to you:

Family Home Guarantee

Saving to purchase a family home can be a challenging task, especially when you are a single parent or single legal guardian.

The Family Home Guarantee is for eligible single parents and eligible single legal guardians of at least one dependent, such as aunts,uncles or grandparents. Applicants can include those who are not first home buyers.

The purpose of the FHG is to support eligible single parents and eligible single legal guardians to buy a home. It does this by allowing Housing Australia to issue 5,000 guarantees each financial year to eligible single parents and eligible single legal guardians with a deposit of between 2 and 20 per cent of the property value.

Applicants can have previously owned a home and still be eligible provided they no longer have an invested interest in the property.

Find out more

To help you work out which Guarantee you may be eligible for, try the Eligibility Tool at the Housing Australia website.

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Buying a new home