Australia wide First Home Buyer schemes and grants
For first home buyers across Australia, there are several national schemes and grants designed to make the dream of homeownership more attainable. These programs provide crucial financial support, enabling buyers to overcome common barriers such as high property prices and substantial deposit requirements. Key initiatives include the Family Home Guarantee, aimed at assisting single parents, the Regional Home Guarantee for those looking to buy in regional areas, and the New Home Guarantee, which focuses on new constructions. These schemes not only offer financial relief but also facilitate access to a variety of home loan products through collaborations with numerous lenders, ensuring a smoother path to securing your first home.
| First Home Guarantee | Family Home Guarantee | Regional Home Guarantee | |
|---|---|---|---|
| Acronym | FHBG (previously FHLDS) | FHG | RFHBG |
| Region | Australia wide | Australia wide | Australia wide |
| Description | The First Home Guarantee enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance. | The Family Home Guarantee enables single parents with at least one dependent to buy a home with as little as 2% deposit without paying Lenders Mortgage Insurance. | The Regional Home Guarantee enables an eligible home buyer to buy a home in a regional area with as little as 5% deposit without paying Lenders Mortgage Insurance. |
| Minimum deposit | 5% | 2% | 5% |
| Property type | New and existing | New and existing | New and existing |
| Owner occupied or investment | Owner occupied only | Owner occupied only | Owner occupied only |
| Location | Metro or regional | Metro or regional | Regional only |
| Number of places for FY24 | 35,000 | 5,000 | 10,000 |
| Borrower eligibility | Single and couple applicants | Single parent with at least one dependent child | Single and couple applicants |
| Income limit | Earning up to $125,000 for individuals or $200,000 for joint applicants | Earning up to $125,000 | Earning up to $125,000 for individuals or $200,000 for joint applicants |
| Purchasing history | Must be first home buyers | First home buyer or previous homeowner | First home buyer or previous homeowner |
| Property value limit | $400,000 to $900,000 depending on location | $400,000 to $900,000 depending on location | $400,000 to $900,000 depending on location |
| Requirements for living in the property | First Home Buyers must move into the property within six months of the date your home loan settles or, if you are building, once an occupancy certificate is issued. | First Home Buyers must move into the property within six months of the date your home loan settles or, if you are building, once an occupancy certificate is issued. | First Home Buyers must move into the property within six months of the date your home loan settles or, if you are building, once an occupancy certificate is issued. |
| Link to more information | Housing Australia | Housing Australia | Housing Australia |
State-specific government schemes
Beyond the Australia-wide government grants and programs, each state provides additional schemes specifically for first home buyers. These can be utilised alongside the national benefits. Depending on the property's location, you may qualify for extra exemptions and concessions. To explore the state-specific government schemes and grants for first home buyers, click on the relevant state below.
“Mint Equity specialises in facilitating the entire process of joining a first home buyer scheme. From understanding your eligibility to managing all the necessary paperwork, our team ensures that you don’t miss any crucial steps. ”
First Home Guarantee (FHBG)
The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative administered by Housing Australia. The scheme was previously know as the First Home Loan Deposit Scheme (FHLDS). This scheme is designed to support eligible first home buyers in purchasing a home sooner by allowing them to buy with a deposit as low as 5%, without the need to pay for Lenders Mortgage Insurance (LMI). For the financial year 2023-24, there are 35,000 places available under the FHBG, and applicants must secure a loan through a participating lender authorised by Housing Australia which can be arranged via a mortgage broker such as Mint Equity. Details can be found on the Housing Australia First Home Guarantee website.
Family Home Guarantee (FHBG)
The Family Home Guarantee (FHBG) aims to support single parents with at least one dependent child in purchasing a home with a deposit as low as 2%. This scheme is available for both new and existing homes across Australia, including NSW. The property must be owner-occupied, and the single parent must have an annual income of up to $125,000. Unlike other schemes, this guarantee is available to both first home buyers and previous homeowners who do not currently own a home. The property value limits range from $400,000 to $900,000, depending on the location. For more information, visit Housing Australia Family Home Guarantee.
Regional Home Guarantee (RFHBG)
The Regional Home Guarantee (RFHBG) is designed to encourage homeownership in regional areas. This scheme allows eligible buyers to purchase a new or existing home in regional NSW with a deposit as low as 5%. The scheme is open to first home buyers, as well as those who have previously owned a home but do not currently own one. Income limits for this scheme are $125,000 for individuals and $200,000 for couples, with property value limits ranging from $400,000 to $900,000 depending on the location. The property must be owner-occupied. Further details are available on the Housing Australia Regional Home Guarantee website.
How Mint Equity supports clients seeking Australia wide First Home Buyer grants and schemes
Buying your first home is a significant milestone, but the process can be overwhelming. Mint Equity, an experienced mortgage broker, is here to help you navigate various first home buyer schemes and grants available across Australia.
Streamlined process and expert guidance
Mint Equity offers end-to-end support, from determining your eligibility to handling all the necessary paperwork. Our expert team ensures that you don’t miss any important steps, providing personalised advice tailored to your financial situation and homeownership goals. This comprehensive support makes the process smoother and less stressful.
Extensive home loan options
One of the key benefits of working with Mint Equity is access to a wide range of home loan products. We compare hundreds of loans from over 40 lenders to find the best fit for your needs. Whether you’re looking for the lowest interest rates or flexible repayment options, Mint Equity helps you secure the most advantageous deal.
No-cost services for First Home Buyers
Mint Equity’s services are free for all clients, including first home buyers. We are remunerated by the lender you choose, allowing you to benefit from our expertise without any costs. This makes your home buying journey more affordable and ensures you receive unbiased, professional advice.
Comprehensive Buyer Support Services
Mint Equity also offers extensive Buyer Support Services to ease the property purchasing process. These services include:
Personalised assistance throughout your property search
Unbiased property evaluations and industry insights
Guidance on refining your search criteria and understanding market data
Support during offer and auction processes
These services are free for clients with a pre-approved home or investment loan from Mint Equity, ensuring you receive tailored support without any conflict of interest.
Navigating Australian First Home Buyer Schemes and Grants
Understanding the various grants and schemes available can significantly ease the journey to homeownership. From the First Home Guarantee to other national support schemes, Mint Equity helps you navigate the options, ensuring you meet eligibility criteria and make informed decisions.
Meet the Mint Equity team
“We had excellent experience with Mint Equity when purchasing our first home. Their expertise and dedication to finding the best loan and making sure we had all the right information was outstanding. Zac, Brad and Rebecca made the complex process simple and stress-free. Highly recommend their top-notch service for any mortgage needs! A huge thank you to the entire Mint Equity team!”
Frequently Asked Questions about Australia-Wide First Home Buyer Grants and Schemes
-
The First Home Guarantee (FHBG) (previously known as the First Home Loan Deposit Scheme) allows eligible first home buyers to purchase a home with a deposit as low as 5%, with Housing Australia guaranteeing up to 15% of the property value, helping buyers avoid costly Lenders Mortgage Insurance (LMI).
-
To be eligible, applicants must be Australian citizens or permanent residents, at least 18 years old, earning up to $125,000 for individuals or $200,000 for couples, and must be first home buyers or previous homeowners who have not owned property in the last ten years.
-
Eligible properties include existing houses, townhouses, apartments, house and land packages, land with a separate contract to build a home, and off-the-plan apartments or townhouses. Property price caps vary by location.
-
Applications must be made through a participating lender or their authorised representative, such as a mortgage broker. The lender assesses eligibility and facilitates the application process.
-
Yes, Mint Equity provides comprehensive support, managing the entire application process, ensuring you meet all eligibility criteria, and handling all necessary paperwork. Our services are free for first home buyers, making the journey to homeownership more affordable and less stressful.