First Home Guarantee (FHBG)

What is the First Home Guarantee (FHBG) and how does it work?

The First Home Guarantee is an Australian Government initiative that supports you to buy or build your first home sooner.

If you’re eligible, you can purchase or build a modest home with a deposit of as little as 5 per cent without paying Lenders Mortgage Insurance (LMI), which could potentially save you thousands. This is because the National Housing Finance and Investment Corporation (NHFIC), which administers the Scheme, guarantees to us, as a participating lender, up to 15 per cent of the value of the property.

There are 35,000 FHBG places available from 1 July 2022 for the 2022-23 financial year, through a panel of participating lenders, including Credit Union SA.

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Am I eligible?

• You need to be an Australian citizen, at least 18 years old, and a first home buyer looking to buy a property that you will live in.
• You need to be able to demonstrate your ability to save over time (genuine savings), with a minimum 5% deposit saved for the property you wish to buy plus enough to cover standard fees and charges like stamp duty.
• You need to meet the income eligibility requirements, which are single buyers earning up to $125,000, or a couple earning up to $200,000 per annum for the previous financial year, as shown on the Notice of Assessment (issued by the Australian Taxation Office).
• There are property price thresholds that apply. Use the NHFIC postcode search tool to find out the maximum property price of the area you're interested in.

What type of property can I buy?

For a property to be eligible it must be:

• an existing house, townhouse or apartment
• a house and land package
• land and a separate contract to build a home
• an off-the-plan apartment or townhouse

Key information about the FHBG

How to apply

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