New Home

The New Home Guarantee is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.

The New Home Guarantee has been extended with additional 10,000 places available from 1 July 2021 to 30 June 2022.

Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.

Under this Scheme, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 5% deposit.

Any guarantee of your home loan is for up to a maximum amount of 15% of the value of your property (as assessed by your lender). This guarantee is not a cash payment or a deposit for your home loan.

View the New Home Guarantee fact sheet to learn more.

If your home loan is covered by this Scheme, you can also access other government programs – like the Australian Government’s First Home Super Saver Scheme, Home Builder Grant or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.

Eligible New Home Guarantee properties include

• newly-constructed dwellings
• off-the-plan dwellings
• house and land packages
• land and a separate contract to build a new home

Use the postcode search tool to look up the property price caps for your location. 

Contact a Participating Lender for the full list of property criteria and Scheme requirements, or if you are unsure what type of property you are buying.

Depending on which type of home you are buying or building, different timeframes apply for your place in this Scheme.

For all types of eligible properties, a contract of sale and/or an eligible building contract must be entered into prior to the expiry of the 90 day pre-approval period.

If you are unable to meet the timeframes or requirements for eligible properties under the New Home Guarantee, you may be able to apply to build or purchase a new home under the First Home Loan Deposit Scheme.