Support to buy a home
Home Guarantee Scheme changes from 1 July
From 1 July, the First Home Loan Deposit Scheme will be known as the Home Guarantee Scheme (HGS).
Under the HGS there will be two Guarantees available to eligible home buyers:
- The First Home Guarantee (FHBG)
- The Family Home Guarantee (FHG)
The New Home Guarantee will close to new applications on 30 June 2022. A New Home Guarantee (NHG) place reserved on, or before 30 June 2022, will still be able to progress to settlement, subject to meeting eligibility criteria and NHG requirements and timelines.
Key changes to the HGS from 1 July
- 35,000 First Home Guarantee (FHBG, previously known as the First Home Loan Deposit Scheme) places will be available to eligible first home buyers from 1 July 2022.
- 5,000 Family Home Guarantee (FHG) places will be available to eligible home buyers each financial year from 1 July 2022 to 30 June 2025.
- The New Home Guarantee (NHG) will no longer be available for new applications from 1 July 2022. Existing applications will not be affected.
Property Price caps for the HGS from 1 July
The following property price caps are from 1 July 2022.
Information about current price caps is available here.
|
Region |
Price cap from 1 July 2022 |
|
New South Wales—capital city and regional centre |
$900,000 |
|
New South Wales—other |
$750,000 |
|
Victoria—capital city and regional centre |
$800,000 |
|
Victoria—other |
$650,000 |
|
Queensland—capital city and regional centre |
$700,000 |
|
Queensland—other |
$550,000 |
|
Western Australia—capital city |
$600,000 |
|
Western Australia—other |
$450,000 |
|
South Australia—capital city |
$600,000 |
|
South Australia—other |
$450,000 |
|
Tasmania—capital city |
$600,000 |
|
Tasmania—other |
$450,000 |
|
Australian Capital Territory |
$750,000 |
|
Northern Territory |
$600,000 |
|
Jervis Bay Territory and Norfolk Island |
$550,000 |
|
Christmas Island and Cocos (Keeling) Islands |
$400,000 |