The table below compares key aspects of the Guarantees. This information is provided as a guide for home buyers and does not confirm that a home buyer will secure a Guarantee or loan from a Participating Lender.
| First Home Guarantee (FHBG) | Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) | |
|---|---|---|---|
| Places FY2023-24 | 35,000 places | 10,000 places | 5,000 places |
| Minimum deposit | 5% | 5% | 2% |
| Prior property ownership | First home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years (1) | Single parents or single legal guardians who do not currently own a property or do not intend to own a separate property when they settle on the home (2) | |
| Eligibility (note: other eligibility criteria also apply) |
Australian citizens or permanent residents (3) The Department of Home Affairs classifies New Zealand Citizens as Permanent Residents for the purposes of citizenship applications only. This does not extend outside of this process. To verify your eligibility for the Home Guarantee Scheme, please perform a VEVO check with a participating lender. |
||
| Individual and two joint (4) applicants |
Individual and two joint (4) applicants Must have lived in the regional area (5) or adjacent regional area they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement. Employees who have been required to relocate for work may be exempt from this requirement (6) |
Single parent or single legal guardian of at least one dependent (7) | |
| Purchase location | All Australia | Regional areas only(5) | All Australia |
| Property price caps | Same for all Guarantees | ||
(1) Applicants can be either first home buyers or previous homeowners who haven’t owned a property in Australia in the ten years prior to the date they execute their home loan. Prior property ownership includes a freehold interest in real property in Australia (this includes owning land only), an interest in a lease of land in Australia with a term of 50 years or more, or a company title interest in land in Australia.
(2) At the time of the Home Loan Date the applicant does not currently hold, or at settlement of the property being purchased they do not intend to separately hold: a freehold interest in real property in Australia (this includes owning land only), an interest in a lease of land in Australia with a term of 50 years or more, or a company title interest in land in Australia.
(3) Permanent resident has the same meaning as in the Australian Citizenship Act 2007 (Cth).
(4) Joint applicants may include partners, friends, siblings, and other family members.
(5) A regional area is defined by the Australian Bureau of Statistics as an Australian Statistical Geography Standard 2016 Statistical Area Level 4 (ASGS SA4 2016). These areas are based on population density and labour markets and vary in size reflecting these criteria. The greater capital city areas of each state and the Northern Territory; and the entire Australian Capital Territory are excluded from the RFHBG.
(6) Applicants should check with their Participating Lender if this exemption applies.
(7) Includes single natural or adoptive parents or single legal guardians of at least one dependent.