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.