Buy your first home sooner

Buying a first home can be daunting. From saving for a house deposit to searching for the perfect property, it can be a significant life event. The following Australian Government initiatives can help you purchase your first home sooner:

First Home Guarantee

The First Home Guarantee is a part of the Home Guarantee Scheme, an Australian Government Initiative to support eligible first home buys purchase a home sooner. The FHBG  allows eligible first home buyers to secure a loan with a deposit 5 and 20 percent of the property value. Up to 35,000 FHBG will be issued each financial year from 2022-23 for eligible loans to first home buys. You can find out more information about the FHBG and eligibility criteria on the National Housing Finance & Investment Corporation website. 

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Family Home Guarantee

The Family Home Guarantee (FHG) is for single parents with dependents, including those who are not first home buyers. The FHG is designed to support eligible single parents on a pathway to home ownership. 5,000 guarantees will be issued for each of the 2022-23, 2023-24 and 2024-25 financial years to eligible single parents with a deposit of between 2 and 20 percent of the property value.

How do the Guarantees help me?

  • Simply put, the First Home Guarantee (FHBG) is designed to assist an eligible first home buyer to purchase a house with as little as a 5% deposit1. For the Family Home Guarantee (FHG), a deposit of just 2% is required. 
  • If approved, NHFIC may provide a government loan guarantee of up to 15% of the property’s value. This means eligible borrowers could get a loan faster and avoid having to pay for lenders' mortgage insurance (LMI) which is usually required on loans taken out with a deposit below 20% of the property's value.
  • You may still need to borrow up to 95% of the property's value2, but you are able to avoid paying additional LMI.
  • The First Home Guarantee (FHBG) offer sup to 35,000 guarantees each financial year. From 1 July 2022, 5,000 Family Home Guarantees will be made available each year over three financial years.
  • Register your interest with Regional Australia Bank by completing the online form or give us a call.

Register now

Applications are open for the First Home Guarantee (FHBG) and Family Home Guarantee (FHG). Fill out the form below and a Home Loan Specialist will contact you to discuss the application process.

We respect your privacy and are committed to protecting your data in accordance with our privacy policy.

Start your home buying journey now

To help you get started, we've introduced a special home loan offer which can only be used as part of the First Home Loan Guarantee (FHBG),  or Family Home Guarantee (FHG)
  • Exclusive for eligible applicants in the First Home Guarantee (FHBG) or Family Home Guarantee (FHG)
  • $0 monthly fees, $0 annual fees
  • Unlimited additional repayments
  • Support from local dedicated home loan experts

How to check your eligibility

To apply for the First Home Guarantee (FHBG) or Family Home Guarantee (FHG) you'll be subject to each guarantee eligibility criteria.
Download the First Home Loan Deposit Scheme Fact Sheet
Download the Family Home Guarantee Fact Sheet

Key differences between the three schemes to support you to buy a home (

Find out if you’re eligible for a Home Guarantee Scheme

If you are not sure which guarantee could apply to you, answer a few questions and NHFIC can point you in the right direction. Eligibility - NHFIC This tool will help you determine whether you could be eligible for the First Home Guarantee (FHBG) or Family Home Guarantee (FHG)

Contact us to secure your spot

If you think you're eligible, contact Regional Australia Bank, as an approved Participating Lender, to take out a loan.

Buy your home

We'll step through the application process with you and if approved, will organise the loan. Under the First Home Guarantee (FHBG), or Family Home Guarantee (FHG) part of an eligible first home buyer’s home loan will be guaranteed by NHFIC up to a maximum amount of 15% of the value of your property (as assessed by your lender).

Move in!

Get packing to move in to your new home within 90 days of settlement.

Additional Grants and Concessions for First Home Buyers

The First Home Loan Deposit Scheme could make owning your first home more achievable, however it’s important to consider how a smaller initial house deposit may impact your repayments in the long run. The good news is that there are also alternatives to the First Home Loan Deposit Scheme, which could still pave the way for home ownership.

HomeBuilder Grant

On 4 June 2020 the Australian Government announced HomeBuilder to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home. The eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive).

Visit the HomeBuilder website to find out more.

Stamp duty concessions

Most State and Territory governments provide stamp duty concessions to first home buyers and sometimes waive the need to pay stamp duty altogether. Whether you’re purchasing an investment property or a principal place of residence are all taken into account. Since stamp duty can add another 3-5% to the purchase price, this is a real help. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme

If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made to put toward a home deposit. Under the First Home Super Saver Scheme, first home buyers, who make voluntary super contributions of up to $15,000 per financial year into their super, can withdraw these amounts (in addition to associated earnings / less tax) from their super fund to help with a deposit on their first home.

Visit the ATO website for more information.

First Home Owners Grant

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016. This is a one-off payment for eligible first home buyers who purchase or build a residential property to live in.

Visit the First Home Owners Grant website to find out more.

Helpful Calculators

Home Loan Repayments Calculator

Compare Loans Calculator

Borrowing Power Calculator

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Want to know more about home loans?

We know the home loan process can be confusing at times, but at Regional Australia Bank we like to make the complex, simple.

We've simplified and compiled a list of questions we frequently get asked about, such as "How much deposit do I need?" or "What's the difference between a variable and fixed rate?"

Be sure to check out our Frequently Asked Questions to learn more.

It's easy to get started

We know that the home loan process can be daunting. When the time comes, don’t feel like you have to do it on your own.

Speak to us and discover how we make purchasing your first home easy.

Why buy your home with Regional Australia Bank?

Member owned

Being member owned means we're free to focus on delivering values to members rather than the interests of shareholders.

Banking with a conscience

We pledge 5% of our profits to grassroots initiatives that help regional communities.

Australian roots

We've been helping Australians achieve their lifestyle goals for over 50 years. We'll help you achieve yours.

Personalised solutions

We recognise everyone's circumstances differ, so we provide personalised financial solutions to save time, money and effort.