FHBG Lenders | First Home Buyers | Family Home Guarantee

Home buying support initiatives

We know it can be hard to save for a deposit, especially if you're currently paying rent or are relying on a single income. That's why we not only put up our hand to get involved with the Australian Government's latest home buying support initiatives, we've also come up with a few initiatives of our own.

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HSG), an Australian Government initiative to support eligible home buyers to buy a home sooner. 35,000 First Home Guarantee Scheme places will be available for the 2024-25 financial year from 1 July 2024.

Usually, home buyers with less than a 20% deposit need to pay lenders' mortgage insurance. Under this Scheme, eligible home buyers may be able to buy a home with as little as 5% deposit without the need to pay Lenders' Mortgage Insurance.

Eligibility criteria applies. First home buyers and previous homeowners who haven't owned a property in Australia in the past ten years may be eligible. You can view more information about the Scheme here.

View the property price caps for the First Home Guarantee Scheme here.

The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government initiative that aims to support eligible regional home buyers to purchase a home in a regional area sooner.

From 1 July 2024 – 30 June 2025, 10,000 RFHBG places are available. Under the Scheme, an eligible home buyer can purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

Eligibility criteria applies. For example, first home buyers or previous homeowners who haven't owned a property in Australia in the past ten years may be eligible.

If your home loan is covered by this Scheme, may also be able to access other government programs – like the Australian Government’s First Home Super Saver Scheme, and Home Builder Grants, First Home Owner Grants and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

You can view the RFHBG Fact Sheet along with more information about the Scheme here.

In 2024-25 financial year, the Australian Government extended the Family Home Guarantee with 5,000 places available from 1 July 2024. The Family Home Guarantee supports eligible single parents or single legal guardians to build or purchase a new home.

Usually, first home buyers with less than a 20% deposit need to pay lenders' mortgage insurance. The Family Home Guarantee Scheme gives single parents or single legal guardians the opportunity to buy an existing home to live in with just 2% deposit without the need to pay Lenders' Mortgage Insurance (LMI).

On 19 June 2021, the Australian Government announced new property price caps for the New Home Guarantee. You can see an overview of the property price caps by clicking here.

If your home loan is covered by this Scheme, you may also be able to access other government programs – like the Australian Government’s First Home Super Saver Scheme, and Home Builder Grants, First Home Owner Grants and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

To apply for the FHG, home buyers must not currently own property or intending to own a separate property, be an Australian citizen(s), or permanent Australian Resident(s) at the time they enter the loan and be at least 18 years of age. Additional eligibility criteria applies. To read more about the eligibility criteria click here

Not eligible? You can still buy with 5% deposit

If you're not eligible for one of the above Schemes, there are a number of other ways Community First may be able to assist. Many of our home loans enable you to borrow with as little as 5% deposit with Lenders' Mortgage Insurance applicable. Here are some other ways we can help:

Family Guarantee

At Community First, first home buyers can avoid paying lenders' mortgage insurance altogether when someone like a parent or in-law guarantees 20% of the value of their first home. It could save your kids thousands of dollars, and get them into a place of their own sooner.

With your support as a guarantor, your son or daughter may be able to borrow the full cost of the home, instead of needing at least 5% deposit. They will however have to save for any applicable stamp duty, registration costs or solicitor/conveyancing fees.

Accessing Government Schemes

You must apply for the Australian Government Schemes through a participating lender. There is a limit to the number of guaranteed loans that can be offered per financial year and Community First is on the panel of approved lenders.

Non-major lenders (that's us) can submit applications for the Scheme until places are exhausted. You should refer to the official website for more information on eligibility criteria.

View first home buyer home loans

How to apply

We know that navigating your way through all the options available can be daunting, but we've been helping people with buying a home for over 60 years.

Our Mortgage Specialists can help guide you through the process as well as help you understand what costs you'll need, how much you could afford to borrow and how to apply for the various initiatives on offer.

A young couple's journey

Read about how two of our members found their first time perfect home and what supports they were able to access to make it happen.

Protect your family and your lifestyle

Would you and your family be able to cope financially if life took a turn for the worse? Get peace of mind with FlexiCover Life Insurance.

Don't have a cash deposit?

Deposit bonds can help if you want to buy a property but don’t have immediate access to a cash deposit - but you will by the time of settlement.

Credit eligibility criteria, terms & conditions, fees & charges apply.

This information on this website is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy any product on this website you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available on this website.