- 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).
- 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.
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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