First home buyer dictionary

Scratching your head when it comes to home buying jargon?  You’re not alone. To ease the pain, we’ve helped define common housing related terms and have listed them from A to Z.

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First Home Guarantee

We can help eligible first home buyers to purchase a home with a deposit of as little as 5%, with the added bonus of not having to save for Lenders' Mortgage Insurance (LMI).

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Most popular questions

  • Who is eligible for the First Home Guarantee?

    You can check your potential eligibility on the Housing Australia website.
  • How does the 5% deposit scheme work?

    The Australian Government has introduced the First Home Guarantee (FHBG) to assist eligible first home buyers to purchase a home sooner. It does this by providing a guarantee to participating lenders that will allow eligible first home buyers to purchase a home with a deposit of as little as 5%, and the additional benefit of not having to save for Lenders Mortgage Insurance (LMI). 
  • What is the First Home Guarantee?

    The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme. The purpose of the First Home Guarantee is to support eligible home buyers to enter the housing market sooner. It does this by allowing Housing Australia to issue 35,000 guarantees each financial year for eligible loans to home buyers with a deposit of between 5 and 20% of the property value.
  • Is there a property price limit under the First Home Guarantee?

    Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme. You can find them on the Housing Australia website.

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