First Home Guarantee Guidance
Low-deposit government guarantee schemes can help eligible first home buyers purchase sooner, potentially without paying Lenders Mortgage Insurance. We explain how these schemes generally work and help you arrange finance with a participating lender.
Australian Government guarantee schemes are designed to support eligible first home buyers (and in some cases other groups) to buy with a smaller deposit. Under a guarantee, part of your loan is guaranteed by the government, which can allow you to avoid Lenders Mortgage Insurance if you qualify.
How guarantee schemes generally work
Places in these schemes can be limited, and there are eligibility requirements including income tests and property price limits that vary by location and change over time. Not every lender participates, and available places can be released periodically.
Because the details change, we won't quote current thresholds or place numbers here. Instead, we'll help you understand whether you may be eligible and direct you to the official sources to confirm.
How we help
- Explaining how the relevant guarantee scheme generally works
- Helping you check whether you may be eligible
- Arranging finance with a participating lender
- Comparing suitable loan options and managing the application
Is a guarantee scheme right for you?
A guarantee can help you buy sooner and save the cost of LMI, but a smaller deposit means a larger loan and higher repayments. We'll help you weigh it up honestly against your budget and goals.
Eligibility for government schemes, grants and guarantees depends on current rules, your circumstances and lender participation, and these can change. This page is general information only, not financial, tax or legal advice. Please confirm current details with the relevant authority and seek an individual assessment.
Common questions
What is the First Home Guarantee?
It's an Australian Government scheme that guarantees part of an eligible buyer's home loan, which can allow them to buy with a smaller deposit and potentially avoid Lenders Mortgage Insurance. Eligibility and details are set by the scheme.
Am I eligible?
Eligibility depends on income tests, property price limits, your buyer status and available places, all of which change. We can help you understand the scheme, but you should confirm current eligibility with the official provider.
Does every lender offer it?
No. Only participating lenders offer places, and availability can change. We help you arrange finance with a participating lender from our panel.
Is buying with a low deposit a good idea?
It can help you buy sooner and avoid LMI, but a larger loan means higher repayments. We'll help you weigh the trade-offs against your budget.
Explore more
Let's find the right solution for you.
Book a free, no-obligation chat with Steph — by phone, over Zoom, or in person at our Winnellie office.