ABOUT
What is the Housing Australia
Housing Australia is an Australian Government initiative to support eligible home buyers purchase a home sooner.
How does the Scheme work?
Under the Housing Australia, part of an eligible first, regional or family home buyer’s home loan from a participating lender will be guaranteed by Housing Australia.
This is aimed at enabling eligible home buyers to purchase their first home sooner with lower deposits. In doing so eligible buyers can avoid paying for lender’s mortgage insurance premiums usually required for smaller deposit levels (which could cost up to $30,000~).
Apply NowWho can apply for the Scheme?
All applicants must meet the requirements of:
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- An Australian permanent resident
- An income test
- A prior property ownership test
- A minimum age test
- Any deposit requirements
- An owner-occupier requirement
- Family Home Guarantee applicants must pass an eligible single or adoptive parent test or single legal guardians of at least one dependent.
- The First Home Guarantee and the Regional First Home Buyer Guarantee applicants include those who have not owned a property in Australia in the last 10 years.
- The First Home Guarantee and the Regional First Home Buyer Guarantee can be two applicants that are friends, siblings or any other family member (in addition to single applications).
You can find out more about eligibility requirements for the guarantee and unique eligibility requirements within each scheme by visiting the National Housing Finance and Investment Commission’s website.
Why is this great news for you?
To purchase a home, you would normally need to save at least 20% of the property’s value to avoid having to pay for Lender’s Mortgage Insurance (LMI) premiums or relying on a guarantor. With this Scheme Housing Australia provides a Guarantee to Participating Lenders, which enables eligible first, regional or family home buyers the opportunity to buy a home sooner, with a smaller deposit and without paying LMI.
Apply NowFirst Home Guarantee
The First Home Guarantee (FHBG) is part of Housing Australia is an Australian Government initiative to support eligible home buyers purchase a home sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for eligible loans to home buyers with a deposit of between 5 and 20 per cent of the property value.
You can find more information about the FHBG and eligibility criteria on the Housing Australia website.
Family Home Guarantee
The Family Home Guarantee (FHG) is part of Housing Australia and is an Australian Government initiative to support eligible home buyers purchase a home sooner.
The FHG is for single parents and single legal guardians with dependents, including those who are not first home buyers. The purpose of the FHG is to support eligible single parents on a pathway to home ownership.
You can find more information about the FHG and eligibility criteria on the Housing Australia website.
Regional First Home Buyer Guarantee
The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government initiative that aims to support eligible regional first home buyers to purchase a home sooner.
The RFHBG is to help eligible regional home buyers to buy a home sooner in a regional area.
You can find more information about the RFHBG and eligibility criteria on the Housing Australia website.