First Home Guarantee

Aka, the 5% deposit scheme.

Meet the First Home Guarantee.

The First Home Guarantee (FHBG) is an Australian Government initiative to help first home buyers buy their first home. Eligible first home buyers can buy or build a home with a deposit of as little as 5% (lenders criteria apply). The government guarantees 15% of the home so eligible buyers do not need to pay the traditional Lenders Mortgage Insurance (LMI).

Eligibility requirements & More Information

FHBG eligibility requirements:

You haven’t previously owned or had an interest in a property in Australia, in the last 10 years
You’re an eligible first home buyer
You’re an Australian citizen or Permanent Resident
You’re 18 years of age, or older
You possess a deposit of at least 5% in genuine savings
You meet property price threshold requirements
Applying as an individual, couple (married/ de facto), or joint application with friends and family.

More Info:

From 1 October 2025, big changes are coming to the First Home Guarantee.

Unlimited places – no cap on the number of buyers who can access the scheme
Higher property price caps – up to $850,000 in metro WA and $600,000 in non-metro (including South West)
No income caps – opening the scheme up to more first home buyers