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What is the First Home Guarantee (FHBG)?
The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS). 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.
People’s Choice is a participating lender offering the First Home Guarantee. If you’re interested in applying for the First Home Guarantee, please register your interest below or speak with our Home Loan Specialists to discuss the options available to you.
Who is eligible for the First Home Guarantee (FHBG)?
- Have a minimum 5% deposit
Be Australian citizens or permanent residents
- Be applying as individual or joint applicants, which may include partners, friends, siblings, and other family members
- Be first home buyers or previous home owners who haven't owned a property in the ten years prior to the date they execute their home loan. Prior property ownership includes a freehold interest in real property in Australia (this includes owning land only), an interest in a lease of land in Australia with a term of 50 years or more, or a company title interest in land in Australia.
Property price caps
FAQs
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.Who is eligible for the First Home Guarantee?
You can check your potential eligibility on the Housing Australia website.What types of properties can I buy?
Visit the Housing Australia website to use the Property Price Cap Tool – a postcode search tool to help home buyers determine the property price caps for the suburb they are purchasing in.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.Do I have to pay LMI in the First Home Guarantee?
No. The First Home Guarantee (FHBG) allows eligible home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees.How do I apply for the First Home Guarantee?
Please visit our dedicated First Home Guarantee (FHBG) page or speak with one of our Home Loan Advisers.I’ve successfully gained a First Home Guarantee place reservation. What documentations do I need to provide People’s Choice to complete my application to obtain finance pre-approval?
• Completed and signed application form – including signed privacy declaration;
• Needs Analysis;
• Verification of income and expenses – payslips etc;
• Evidence of 5% genuine savings;
• Evidence of funds to complete the transaction – savings plan/gift from family;
• Signed Home Buyer Declaration (Statutory Declaration) – Peoples Choice will provide this to you.
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People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us, to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). We may not be able to contact you if you do not provide to us this information. You can opt out of receiving direct marketing from us at any time. We disclose your personal information to relevant members of our staff. We may also disclose your personal information to agents, contractors, government agencies and bodies who assist us in our dealings with you. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. It also provides more detail on how we manage and protect your personal information if you are interested. People's Choice address is 50 Flinders St, Adelaide, 5000.