First Home Guarantee (FHBG)

The FHBG is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers purchase a home sooner.

It does this by allowing Housing Australia to issue 35,000 guarantees each financial year for eligible loans to home buyers with a deposit of between 5 and 20% of the property value. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

Refer to the FHBG Fact Sheet and Information Guide for full details.

FHBG Fact Sheet FHBG Information Guide

Make an appointment with a MyState Bank lender to start your application

Who is eligible?

Check your eligibility using the Housing Australia Eligibility Tool - a short questionnaire to help home buyers identify which Guarantee/s they may be eligible for.

Generally, to apply for the FHBG, home buyers must be:

  • Individual or joint applications.
  • Australian citizens or permanent residents who are at least 18 years of age.
  • Individual applicants with a taxable income of up to $125,000 per annum, and joint applicants with a combined taxable income of $200,000 per annum, as shown on the Notice of Assessment issued by the Australian Taxation Office.
  • Applicants can be either first home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years. Prior property ownership includes an interest in real property (including owning land) in Australia, a lease of land in Australia or a company title interest in land in Australia.
  • Applicants who intend to be owner-occupiers of the purchased property.

Property price thresholds

Use the Property Price Cap Tool to look up the property price thresholds by suburb or postcode.