As a new home buyer you may be eligible for government help to get you into the property market faster. Learn about what options may be available to you here.

What is the Home Guarantee Scheme?

The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers and help them purchase a home sooner. The Scheme is administered by Housing Australia (previously National Housing Finance and Investment Corporation) on behalf of the Australian Government.

What guarantees are available?

First Home Guarantee

This allows eligible first home buyers to purchase a new or existing home with a deposit of as little as 5%.

Family Home Guarantee This allows eligible single parents with at least one dependent to purchase a family home with a deposit of as little as 2%.

Regional First Home Buyer Guarantee

This allows eligible regional first home buyers to purchase a new or existing home in a regional area with a deposit of as little as 5%.

How does it work?

Under the Scheme, part of an eligible home buyer’s home loan from a Participating Lender will be guaranteed by Housing Australia.

Which Scheme is right for me?

To find out which Guarantee you could apply for visit the Housing Australia website and complete a quick questionnaire.

Scheme eligibility

To apply for the Scheme, you'll be subject to certain eligibility criteria. You’ll also need to be able to provide documentation of your eligibility to secure your position.

First Home Guarantee

• All applicants must be at least 18 years of age and an Australian citizen.

• Applicants must be First Home Owners

• Individuals must have earned less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or defacto.

Family Home Guarantee

• All applicants must be at least 18 years of age and an Australian citizen.

• Applicants must be a single parent. A person is considered single if they don’t have a spouse and/or a de facto partner.

• Applicants must have at least one dependent

Note: a person who is separated but not divorced is not considered single

Regional First Home Buyer Guarantee

• All applicants must be at least 18 years of age and an Australian citizen.

• Applicants must be First Home Owners

• Applicants for Regional First Home Buyer Guarantee (or at least one applicant if applying as a couple) need to have lived in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement.

There are also property price caps which vary depending on the location in which you buy. You can work out your property price cap using Housing Australia’s Price Cap Tool

Extra benefits

Are you a first home buyer?

There are a number of initiatives that may benefit you in addition to these Guarantees.

You may be eligible for the First Home Owner Grant

The First Home Owner Grant (FHOG) scheme offsets the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

You may also be eligible for Stamp Duty exemption, dependent on your state or territory.

Are you a current or former member of the Australian Defence Force?

In addition to the Home Guarantee Scheme, you may be eligible for the Defence Home Ownership Assistance Scheme (DHOAS).

The Defence Home Ownership Assistance Scheme (DHOAS) assists current and former Australian Defence Force (ADF) members and their families to achieve home ownership. DHOAS is administered by the Department of Veterans' Affairs on behalf of the Department of Defence.

Check your eligibility for DHOAS here

Australian Military Bank proudly support the Australian Government’s Home Guarantee Scheme and offer a range of DHOAS loans.

Speak to us today so we can help you make the most of these initiatives depending on your circumstances.

Lending criteria, terms & conditions, fees & charges apply.

The information and tips provided are general in nature only and do not take into account your individual needs, objectives or financial situation. Consider seeking your own financial and legal advice. Before making a decision if a product is right for you, please read the relevant product information on our website, including Fees and Charges Schedule, Target Market Determination (TMD) and Financial Services Guide (FSG).