First Home Buyers – Did you know?
You can own your piece of luxury/custom built today with 5% deposit.
FHGB is part of the Home Guarantee Scheme (HGS), an initiative of the Australian Government to support eligible home buyers purchase a home sooner. The scheme is administered by the National Housing Finance and Investment Corporation on behalf of the Australian Government.
The scheme allows first-time buyers to put down just 5% deposit for a property with the Government acting as Guarantor for an additional 15% so the usual Lenders Mortgage Insurance (LMI) is not required – big savings!!
From 1 July 2022 – 30 June 2023, 35,000 FHBG places are available to eligible first home buyers.
It’s a promising initiative for those looking to buy or build but industry research indicates that as many as eight-in-ten first home buyers don’t understand what the Scheme is or if they are eligible to take advantage of it.
First Home Loan Deposit Scheme Price Caps:
Under the Scheme, the property you are purchasing/building must fall below a certain threshold:
| State/territory: | Capital City/Regional Centre: | Rest of State: |
| NSW | $900,000 | $450,000 |
| VIC | $800,000 | $650,000 |
| QLD | $700,000 | $550,000 |
| SA | $600,000 | $450,000 |
| ACT | $750,000 |
