How Can We Help?
+61 430 812 158
sumit@fundingfox.com.au
First Home Guarantee (FHBG)
The First Home Guarantee (FHBG) is a type of Home Guarantee Scheme (HGS) offered by the Australian government to help buyers buy their first home sooner than they would normally be able to do without paying LMI (Lenders Mortgage Insurance).
There is no point looking for a home if you don’t know how much you can borrow. So, we help the first home buyers know their borrowing capacity and repayments and help them get preapprovals.
We explain the advantages and disadvantages of private sales and auctions to our clients and make them aware of what is best suitable in their scenario. We also discuss various government schemes that help first-time home buyers buy a home sooner with a deposit as low as 2% for single parents and guardians and for other buyers with a deposit of 5%.
Eligibility Criteria for First Home Guarantee (FHBG)
- Minimum 5% deposit required. However, the participating lenders may require more deposits depending on the individual’s financial circumstances.
- Apply as an individual or joint applicants.
- Applicants need to be Australian citizens or Australian Permanent residents.
- Need to be at least 18 years of age.
- The Notice of Assessment (NOA) of the last financial year for individual applicants should be no more than $125,000 and $200,000 for joint applicants.
- Applicants should intend to live on the property.
- Applicants should be either First Home Buyers or someone who has not owned a property in the last 10 years, including any vacant land.
You can click here to check your eligibility for Home Guarantee Schemes such as First Home Guarantee, Family Home Guarantee, or Regional First Home Buyer guarantee.
What types of properties can be bought under FHBG?
- An established house, townhouse, or apartment.
- A land and construction package.
- Land and a separate building contract.
- An off-the-plan apartment or townhouse.
Which are the participating lenders for Home Guarantee Schemes (FGS), including First Home Guarantee (FHBG) and Family Home Guarantee (FHG)?
- Commonwealth Bank of Australia
- NAB
- Westpac Bank
- BankSA
- Bak of Melbourne
- St George
- Australian Military Bank
- Australian Mutual Bank
- Auswide Bank
- Bank Australia
- Bankfirst
- Bank of Heritage Isle
- Bank of Us.
- Bendigo Bank
- Beyond Bank Australia
- Border Bank
- Community First Bank
- Credit unionsa
- Defence Bank
- Firefighters Mutual Bank
- G & C Mutual Bank
- Gateway Bank
- Great Southern Bank
- Health Professionals Bank
- Indigenous Business Australia
- Illawarra Credit union
- IMB Bank
- Mortgageport
- MyStateBank
- Newcastle Permanent
- People’s Choice
- Policebank
- QBank
- Queensland Country Bank
- Regional Australia Bank
- Teachers Mutual Bank
- The Mutual Bank
- UniBank
Unity Bank
First Home Guarantee (FHBG) and Family Home Guarantee (FHG) Property Cap Table for all states:
State | Capital City and Regional Centre * | Rest of State |
NSW | $ 900K | $750K |
VIC | $800K | $650K |
QLD | $700K | $550K |
WA | $600K | $450K |
SA | $600K | $450K |
TAS | $600K | $450K |
Territory |
| All Areas |
ACT |
| $750K |
NT Regional |
| $600K |
Jervis Island and Cocos (Keeling) Islands |
| $550K |
Christmas Island and Cocos (Keeling) Islands |
| $400K |
* Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast. |