The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers to purchase a home with a smaller deposit.
There are currently three Guarantees available within the Scheme:
Regional First Home Buyer Guarantee
(RFHBG)
Supports eligible buyers to buy a home sooner, in a regional area.
Family Home Guarantee
(FHG)
Supports eligible single parents and legal guardians of a dependent to buy a home sooner.
How does the Home Guarantee Scheme work?
Under the Home Guarantee Scheme, part of an eligible home buyer’s home loan is guaranteed by Housing Australia on behalf of the Australian Government. This enables eligible home buyers to purchase a home with a deposit of as little as between 2 - 5% (depending on the Guarantee) without paying Lender's Mortgage Insurance.
The Guarantee is not a cash payment or a deposit for a home loan.
Eligibility criteria have been expanded, effective 1 July 2023. Visit the detailed information to learn more.
Some key differences between the Guarantees are:
| Places FY 22-23 | 35,000 |
| Minimum deposit | 5% |
| Eligibility | Eligible home buyer*, single or two applicants |
| Places FY 22-23 | 10,000 |
| Minimum deposit | 5% |
| Eligibility | Eligible home buyer*, single or two applicants in a regional area |
| Places FY 22-23 | 5,000 |
| Minimum deposit | 2% |
| Eligibility | Eligible home buyer or previous home owner Single parent or guardian |
Am I eligible for the Home Guarantee Scheme?
Home buyers must meet certain eligibility criteria for each of the above Guarantees, and the criteria differs slightly for each one.
Housing Australia has created an eligibility tool, which is a short questionnaire to help home buyers identify which Guarantee/s they may be eligible for.
How do I apply for the Home Guarantee Scheme?
If you're eligible and want to apply for the First Home Guarantee, Regional First Home Buyer Guarantee, or Family Home Guarantee, reach out to speak with a Home Lending Specialist who can help you through the process.
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