First Home Guarantee - frequently asked questions

The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible home buyers purchase a home sooner. It does this by providing a guarantee that will allow eligible home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% (lender's criteria apply).

Please visit our dedicated First Home Guarantee (FHBG) page or speak with one of our Home Loan Advisers.

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). 

You can check your potential eligibility on the Housing Australia website.

Housing Australia has developed a tool to help eligible home buyers find out the property price threshold for the suburb in which they are looking to purchase a property. The relevant dates and requirements for the different property types are set out here.

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.

To ensure the FHBG is only available for the purchase of a modest home, property price thresholds apply in capital cities, large regional centres and regional areas. You can find them here. 

• 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.