How it works
The Scheme includes three types of Guarantees:
- First Home Guarantee (FHBG) – supporting eligible home buyers to buy a home sooner, with a deposit as little as 5%.
- Regional First Home Buyer Guarantee (RFHBG) - supporting eligible regional home buyers to buy a home sooner, in a regional area, with a deposit as little as 5%.
- Family Home Guarantee (FHG) – supporting eligible single parents and eligible single legal guardians of at least one dependent to buy a home sooner, with a deposit as little as 2%.
The New Home Guarantee (NHG) is no longer available.
Who is eligible
The schemes administrator, Housing Australia has developed a tool that can assist home buyers to understand if they meet eligibility criteria for the Home Guarantee scheme here.
For a property to be eligible for the Home Guarantee, it must:
be a ‘residential property’ – this term has a particular meaning under the Scheme, and you should ask your lender if there is any doubt
have a purchase price under the price cap for its location
be purchased by an eligible first home buyer under the Scheme
list you as the sole registered owner/s of the property at the settlement date for your home loan
be a property which is (1) an established dwelling, or (2) a new-build dwelling that is purchased under a house and land package, a land and separate contract to build a home or an ‘off-the-plan’ arrangement that is financed under an Eligible Loan from a participating lender.
For further details, please visit the links below:
First Home Guarantee - Housing Australia
Regional First Home Buyer Guarantee - Housing Australia
Housing Australia online tools and resources
You can also download the information guides here.
How to apply
BankWAW is a participating lender and is proudly supporting the Government's Home Guarantee scheme.
To learn more or to register your interest, please call us on 1300 368 555, or visit your closest Service Centre and discuss your interest with a local loans officer.
BankWAW is also participating in the Family Home Guarantee Scheme (FHG) and the Regional First Home Buyer Guarantee Scheme (RFHG). To discuss the FHG or RFHBG Schemes, please give us a call to chat with a lending specialist.
Or if you're interested in building you dream first home, you can chat to our team.