Loans Home Loans New Home Guarantee Scheme

New Home Guarantee Scheme 

The New Home Guarantee Scheme is an Australian Government Initiative established to assist eligible first home buyers to build or purchase their new home. Under this scheme, eligible first home buyers may be able to enter the property market with as little as a five per cent deposit (also subject to BankWAW lending terms and conditions). 

 

How it works

The Australian Government provides a guarantee to the lender on part of an eligible first home buyer’s home loan. The guaranteed amount is the difference between a first home buyer’s deposit (of at least five per cent) and 20 per cent of the value of the eligible property. 

Who is eligible

Under the New Home Guarantee, first home buyers can build or purchase a new home, including: 

  • newly-constructed dwellings 

  • off-the-plan dwellings 

  • house and land packages 

  • land and a separate contract to build a new home. 

Specific dates and requirements apply for the different property types. 

The schemes administrator, National Housing Finance and Investment Corporation (NHFIC) has developed a tool that can assist first home buyers to understand if they meet eligibility criteria for the New Home Guarantee scheme here. 

For further details, please visit the links below: 

New Homes Guarantee - NHFIC 

You can also download the information guide here. 

How to apply

In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 New Home Guarantee places will be available from 1 July 2021 until 30 June 2022. 

BankWAW is a participating lender for the New 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. 

 

In 2021, BankWAW will also be participating in the Family Home Guarantee Scheme. To discuss the Family Home Guarantee Scheme, please give us a call to chat with a lending specialist.   

 

 

Things you should know

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