First Home Guarantee (FHBG)
The First Home Guarantee (FHBG) is designed to enable eligible first home buyers to enter the property market with as little as a 5% deposit by being their Guarantor, meaning they wouldn't need to pay Lenders Mortgage Insurance (LMI) | ourproperty.app.
Eligibility Criteria
At the time of writing, the eligibility criteria are as follows:
- applying as an individual or 2 joint applicants
- an Australian citizen(s) or permanent resident(s) at the time they enter the loan
- at least 18 years of age
- earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
- intending to be owner-occupiers of the purchased property
- First home buyers or previous homeowners who haven't owned a property in Australia in the past ten years.
Home buyers applying for the FHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit.
First Home Guarantee and Family Home Guarantee Property Price Cap Table
The price caps for the FHBG and FHG are listed in the table below.
| State | Capital City and Regional Centre* | Rest of State |
|---|---|---|
| NSW | $ 900,000 | $ 750,000 |
| VIC | $ 800,000 | $ 650,000 |
| QLD | $ 700,000 | $ 550,000 |
| WA | $ 600,000 | $ 450,000 |
| SA | $ 600,000 | $ 450,000 |
| TAS | $ 600,000 | $ 450,000 |
| Territory | All areas | |
| ACT | $ 750,000 | |
| NT Regional | $ 600,000 | |
| Jervis Bay Territory & Norfolk Island | $ 550,000 | |
| Christmas Island and Cocos (Keeling) Islands | $ 400,000 |
*Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast.
Regional First Home Buyer Guarantee Property Price Cap Table
The price caps for the RFHBG are listed in the table below.
| State# | Regional Centre* | All other Regional Areas |
|---|---|---|
| NSW | $ 900,000 | $ 750,000 |
| VIC | $ 800,000 | $ 650,000 |
| QLD | $ 700,000 | $ 550,000 |
| WA | $ 450,000 | |
| SA | $ 450,000 | |
| TAS | $ 450,000 | |
| Territory# | Regional area | |
| ACT | Not applicable | |
| NT Regional | $ 600,000 | |
| Jervis Bay Territory & Norfolk Island | $ 550,000 | |
| Christmas Island and Cocos (Keeling) Islands | $ 400,000 |
*Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast.
#The greater capital city areas of the States and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG
For more information please visit the Australian Government website: First Home Guarantee | Housing Australia
Disclaimer
Any information on this site is not financial advice, nor can we guarantee the currency of the information.
Whilst we aim to provide helpful information, we encourage you to rely on your own research and ensure the accuracy of the information presented.
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