An exciting opportunity has emerged for Australians aspiring to own their own homes. The federal government’s Home Guarantee Scheme has expanded, adding 40,000 places to assist individuals and families in achieving their homeownership dreams.

The Home Guarantee Scheme now encompasses the First Home Guarantee (FHBG) and the Family Home Guarantee (FHG). Eligible first-home buyers can embark on their homeownership journey with a deposit requirement as low as 5%, while single parents with dependents can secure a home with just a 2% deposit. The government’s guarantee covers the remaining portion, eliminating the need for borrowers to pay lenders’ mortgage insurance (LMI).

In support of first-home buyers, the federal government has allocated 35,000 places annually for those seeking to purchase a home with a deposit as low as 5% (First Home Guarantee). Additionally, 5,000 places are available each financial year to assist single parents with dependents in purchasing a home with a deposit of 2% (Family Home Guarantee).

The scheme’s property price caps have been updated to accommodate recent market trends, ensuring accessibility:

New South Wales (NSW)

Capital City and Regional Centre: $900,000

• Other Areas in NSW: $750,000

Victoria

• Capital City and Regional Centre: $800,000
• Other Areas in Victoria: $650,000

Queensland

• Capital City and Regional Centre: $700,000
• Other Areas in Queensland: $550,000

Western Australia (WA)

• Capital City: $600,000
• Other Areas in WA: $450,000

South Australia (SA)

• Capital City: $600,000
• Other Areas in SA: $450,000

Tasmania

• Capital City: $600,000
• Other Areas in Tasmania: $450,000

Australian Capital Territory (ACT)

• $750,000

Northern Territory

• $600,000

Jervis Bay Territory and Norfolk Island

• $550,000

Christmas Island and Cocos (Keeling) Islands

• $400,000

The administration of the Home Guarantee Scheme is overseen by the National Housing Finance and Investment Corporation (NHFIC). Nathan Dal Bon, NHFIC’s Chief Executive, enthusiastically embraces the enhanced regime, highlighting its potential to empower aspiring homeowners.

Whether you’re a first home buyer, a dedicated single parent, or an individual eager to embark on the homeownership journey, the expanded Home Guarantee Scheme could be your gateway. Connect with us to explore the possibilities and navigate the pathway to turning your dream home into a reality.