The Home Guarantee Scheme (HGS) came into effect on the 1st of July 2022 with the goal of continuing to help Australians purchase their first, new or existing owner-occupied home. It consists of two different schemes: the First Home Guarantee (formerly First Home Loan Deposit Scheme) and the Family Home Guarantee. The scheme came with an increased price cap for city and regional property purchases.
As the HGS involves multiple guarantees, below is a table summarising the different guarantees.
| First Home Guarantee | Family Home Guarantee | |
| Minimum deposit | 5% | 2% |
| Property type | New or Existing | New or Existing |
| Allocated places | 35,000 in the 2022 Financial Year | 5,000 in the 2022 Financial Year |
| Borrowers eligibility | Couple or Single | Single Parent with at least one dependent child |
| Purchasing history | First Home Buyer | First Home Buyer or Previous Home Owner |
The people who can benefit from the Home Guarantee Scheme are first time home buyers who have not previously owned property and single parents with at least one dependent child. You can check your eligibility on the National Housing Finance and Investment Corporation government or contact us and set up a consultation.
To apply for one of the guarantees in the mortgage guarantee schemes applications need to be made with the participating lender or your authorised representative, such as your mortgage broker.
Property Price Caps range from $400,000 to $900,000 around Australia, depending on the state and location. Depending on the location in Queensland, the price cap is $700,000 or $550,000. You can review the table below to see which one affects you.
| Location | 2022-23 Financial Year Price Cap |
| Capital city, regional centres (Gold Coast & Sunshine Coast | $700,000 |
| Other | $550,000 |
You can find a complete price cap of each location list separated by state and region on the NHFIC website.
List of Participating Home Guarantee Scheme Lenders
There has been an increase in the number of lenders participating in the Home Loan Guarantee Scheme. Five additional non-major lenders have been added. You can review the list of the 32 participating lenders below.
- Australian Military Bank
- Australian Mutual Bank
- Auswide Bank
- Bank Australia
- Bank First
- Bank of Heritage Isle
- Bank of Us
- bcu
- Bendigo Bank
- Beyond Bank Australia
- Border Bank
- Community First
- Credit Union SA
- Defence Bank
- Firefighters Mutual Bank
- G&C Mutual Bank
- Gateway Bank
- Great Southern Bank
- Health Professionals Bank
- Indigenous Business Australia
- Illawarra Credit Union
- IMB bank (IMB Ltd)
- Mortgageport
- MyState Bank
- Newcastle Permanent Building Society
- P&N Bank
- People’s Choice
- Police Bank
- Q Bank
- Queensland Country Bank
- Regional Australia Bank
- Teachers Mutual Bank
- The Mutual Bank
- UniBank
- Unity Bank Limited
- WAW
FAQ
Where can I find out more about the Home Guarantee Scheme or keep up to date on future changes?
You can find more information about the HGS on the National Housing Finance and Investment Corporation government website. As a mortgage broker, it is vital that we also stay up to date and can inform you of updates, answer questions you have, and check if you are eligible.
What deposit amount is required?
The First Home Guarantee requires a minimum deposit of 5%, while the Family Home Guarantee requires a minimum of 2%.
What else should I do if I am looking at using one of the Home Guarantee Schenes?
The NHFIC recommend that you should talk to your broker or bank about any issues that may arise from a change in your specific house price or interest rate. As a home buyer, you should also seek independent financial and legal advice and determine whether the terms of the HGS suit your individual circumstances.
