First Home and Regional First Home Buyer Guarantees?

  • The schemes will be eligible for non-first home buyers who haven’t owned a property in the last 10 years.
  • Friends, siblings, and other family members will also be eligible for joint applications.
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Family Home Guarantee

We are now able to assist eligible legal guardians under the expanded eligibility criteria. This means single legal guardians will be able to apply under the Family Home Guarantee ensuring they have an eligible dependent under their care; i.e. single aunts, uncles, or grandparents as some examples.

FY24 Detailed Scheme Eligibility Criteria:

First Home Buyer Guarantee for single or joint applicants buying their home. Applicants:

  • Must be First Home Buyers or non-First Home Buyers who have not owned a property in the past 10 years;
  • Must be an Australian Citizen or Permanent Resident (all applicants) and aged 18 or over;
  • Can apply as an individual or joint applicants 
  • May buy or build a property of any types (the property can be new or established).

Family Home Guarantee for single parents or legal guardians buying their new home or re-entering the property market. Applicants:

  • May have owned a home, but must not currently own residential land or property;
  • Must be an Australian Citizen or Permanent Resident (all applicants) and aged 18 or over;
  • Must apply as an individual applicant and be single, divorced or widowed (separated, de facto or married are not eligible); and
  • May buy or build a property of any types (the property can be new or established).

Regional First Home Buyer Guarantee for single or joint applicants buying their new home. Applicants:

  • Must be First Home Buyers or non-First Home Buyers who have not owned a property in the past 10 years;
  • Must be an Australian Citizen or Permanent Resident (all applicants) and aged 18 or over;
  • Can apply as an individual or joint applicants 
  • Must be living and have lived in an acceptable regional area for at least 12 months – if joint then at least one applicant must fulfil this condition; and
  • May buy or build a property of any types (the property can be new or established).

While there is no definitive answer to this question as everyone has different requirements. However, to get an accurate representation of how much you will be able to borrow, check out our Borrowing Power Calculator. We recommend you give us a call on 130000RYRO so that we can provide you with an absolute number depending on your requirements and circumstances.

There are plenty of loan options in the market, and our mortgage brokers will ensure you get the one that is the best fit for your circumstances.

Typically for a first home buyer, deposit ranges from 5% to 10% of a property’s value. However, it will depend on your home loan and the lender you select. To know more, give us a call, and we’ll be glad to help.

FHOG is available to all Australian residents and citizens who are buying or building their first home. Conditions for this grant is different in every state. To know more about this scheme and check if you are eligible, you can contact us.

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