First Home Buyer Guarantee, Family Home Guarantee and; Regional First Home Buyer Guarantee

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 home sooner:

First Home Buyer Guarantee

The First Home Buyer Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers purchase a home sooner. The purpose of the First Home Buyer Guarantee (FHBG) is to support eligible home buyers to enter or re-enter the housing market sooner.
It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for eligible loans to home buyers with a deposit of between 5 and 20 per cent of the property value.
 
Find out more with Housing Australia

Family Home Guarantee

The Family Home Guarantee (FHG) is for single parents with dependents and single legal guardians, 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.

Find out more with Housing Australia

Regional First Home Buyer Guarantee

The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government initiative that aims to support eligible regional home buyers to purchase a home sooner. Under the RFHBG, part of an eligible regional home buyer’s home loan from a Participating Lender will be guaranteed by Housing Australia. This is aimed at enabling the eligible regional home buyer to purchase a modest home in a regional area with as little as a 5% deposit. The RFHBG is open across regional areas in Australia to all eligible regional home buyers in respect of Eligible Loans. The number of places under the RFHBG is limited.


Find out more with Housing Australia

How do the Guarantees help me?

  • Simply put, the First Home Buyer Guarantee (FHBG) and the Regional Home Buyer Guarantee (RFHBG) are designed to assist an eligible home buyer to purchase a house with as little as a 5% deposit. For the Family Home Guarantee (FHG), a deposit of just 2% is required. 
  • If approved, Housing Australia 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 Buyer Guarantee (FHBG) offers up 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.
  • Australian citizens or permanent residents are eligible to apply.
  • Register your interest with Regional Australia Bank by completing the online form or give us a call.

Register now

Applications are open for the Home Buyer Guarantee (HBG), Regional Home Buyer 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.
 
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So your nearest Regional Australia Bank expert can contact you
 
 
 
 
 
 
 
 
 
 

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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), Family Home Guarantee (FHG) or Regional First Home Buyer Guarantee (RFHBG)

Eligible applicants  in the First Home Buyer Guarantee (FHBG),  Family Home Guarantee (FHG) or Regional First Home Buyers Guarantee (RFHBG)

  • Discounted basic variable rate discount for the life of the loan
  • Fixed rate options for 1-5 years
  • $0 monthly fees, $0 annual fees
  • Unlimited additional repayments (while on a variable rate)
  • Support from local dedicated home loan experts

 

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 Housing Australia can point you in the right direction. Eligibility - Housing Australia This tool will help you determine whether you could be eligible for the First Home Buyer Guarantee (FHBG), Regional First Home Buyer Guarantee (RFHBG) or Family Home Guarantee (FHG). You can find more information around the differences between these three schemes here.


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 Home Buyer Guarantee (HBG), or Family Home Guarantee (FHG) part of an eligible home buyer’s home loan will be guaranteed by Housing Australia 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 Home Guarantee 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 Home Guarantee Scheme, which could still pave the way for home ownership.

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.

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.

Helpful Calculators

Home Loan Repayments Calculator

Compare Loans Calculator

Borrowing Power Calculator

Family playing in front yard

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.

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