What is the First Home Guarantee (FHBG)?

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner.

The guarantee enables eligible first home buyers or non-first home buyers who haven't owned a property in Australia in the last ten years to purchase a home with as little as 5% deposit, without having to pay Lenders' Mortgage Insurance (LMI). 

People’s Choice is a participating lender offering the First Home Guarantee. If you’re interested in applying for the FHBG, 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)?

To be eligible, you need to meet the following criteria:
  • You're applying as an individual or joint application. Joint applications can be made between married or de-facto couples, friends, siblings or other family members
  • You intend to be owner-occupier of the purchased property 
  • You're a first home buyer or you haven't owned a property in Australia in the last ten years
  • You're an Australian citizen or permanent resident aged 18 years or over

  • You earned less than $125,000 in the previous tax year as an individual, or less than $200,000 as a couple

  • You have saved a 5% deposit plus standard fees and charges (e.g. stamp duty)

What types of properties are eligible?

For a property to be eligible under the RFHBG, it must be a ‘residential property’. Eligible residential properties generally include:
  • An existing house, townhouse or apartment
  • A house and land package

  • Land and a separate contract to build a home
  • An off-the-plan apartment or townhouse

Property price caps

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme (HGS). The property price caps are the same for all HGS Guarantees. The price caps for the RFHBG are listed on the Housing Australia website.

What else do I need to know?

  • Specific timeframes and criteria apply to the different property types. The contract of sale and (if applicable) eligible building contract may have to be executed by specific dates
  • You must be the sole registered owner/s of the property when it is the settlement date of your home loan
  • There is a limited allocation of guarantees available, which once taken up, the guarantee will not be available until a new allocation is released

  • You can only receive the FHBG once


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