Home Guarantee Scheme (HGS)
The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers to buy a home sooner. The Scheme is administered by Housing Australia.
MyState Bank is a proud Participating Lender for the Australian Government’s Home Guarantee Scheme (HGS). We’ve also been awarded the Mozo Expert’s Choice Award in the First Home Buyer Loan category, which means we know a thing or two about getting you into your first home sooner.
Award winning home loan for first home buyers
Home Guarantee Scheme Variable Rate Product
What guarantees are available?
First Home Guarantee (FHBG)
The purpose of the FHBG is to support eligible home buyers to enter the housing market sooner.
Regional First Home Guarantee (RFHBG)
The purpose of the RFHBG is to help eligible regional home buyers to buy a home sooner, in a regional area.
Family Home Guarantee (FHG)
The purpose of the FHG is to support eligible single parents and eligible single legal guardians to buy a home.
Which Guarantee is the right match for me?
For the HGS, you can check the complete eligibility criteria on the Housing Australia website. The following conditions will generally apply:
| FHBG | RFHBG | FHG | |
|---|---|---|---|
| Minimum Deposit | 5% | 5% | 2% |
| Number of applicants | Maximum of 2 applicants | Maximum of 2 applicants | Single applicants only |
| Citizenship | Must be an Australian Citizen or an Australian Permanent Resident. | ||
| Prior Property Ownership | First home buyers or previous homeowners who haven't owned a property in Australia in the past 10 years. | Single parents or single legal guardians who do not currently own a property or do not intend to own a property when they settle on the home. | |
| Purchase location | Australia wide | Australian Regional Areas. Applicants must have lived in, or adjacent to, the area for the preceding 12 months. | Australia wide |
| Income | Have a taxable income of no more than $125,000 in the last financial year for singles or no more than $200,000 for joint applications. | ||
| Property price cap | You can check the property price threshold for your property’s suburb and postcode using Housing Australia's property price threshold tool. | ||
| Available Places FY24-25 | 35,000 places | 10,000 places | 5,000 places |
