First Home Buyer Guarantee Scheme

What is the First Home Guarantee?

The First Home Guarantee is an initiative from the Australian Government designed to support eligible home buyers purchase a home sooner. Housing Australia provides a guarantee for eligible home buyers on low and middle incomes so that they can purchase a home with a deposit of as little as five percent. The Australian Government has made 35,000 First Home Guarantee places available for the current financial year through a panel of participating lenders.

Acquiring the initial deposit for your debut home can present hurdles. This is why we take pride in collaborating with the Australian Government on the Home Guarantee Scheme, aiding a broader spectrum of home buyers and single parents in achieving their homeownership aspirations. Coupled with our adaptable home loan options and attractive interest rates, the Home Guarantee Scheme offers another avenue through which we expedite the journey to property ownership for prospective buyers.

🏡 Expanded Eligibility for the Home Guarantee Scheme

The Australian Government has announced it will expand the eligibility criteria of the Home Guarantee Scheme, effective 1 July 2023. These changes aim to make home ownership more accessible to a wider range of Australians:

✅ First Home Guarantee and Regional First Home Buyer Guarantee now apply to non-first home buyers who haven’t owned a property in the past 10 years.
🤝 Joint applications are now open to friends, siblings, and other family members under both schemes.
👨‍👩‍👧 Family Home Guarantee eligibility now includes single legal guardians of dependents — such as aunts, uncles, and grandparents.

How HR Mortgage & Finance Works

Initial Consultation

Have a phone or face-to-face conversation with our expert broker.

Loan Structuring

We need your financial documents and specifics about your requirements.

Apply For Pre-Approval

After finalizing all necessary details, we'll proceed to pre-approval. Typically, your pre-approval will arrive 5-7 working days, subject to the bank's processing time.

Find Your Dream Home

We'll be there to support and guide you every step of the way until you discover the perfect property. Once you've identified a property that meets your criteria and reached an agreement on price with the vendors, we'll recommend proceeding with signing the contract.

Get the Final Approval

Once the contract is signed, we initiate the valuation process. Subsequently, the solicitor/conveyancer will review the contract and conduct pest and building inspections. Concurrently, we'll proceed with submitting your loan for formal approval. The timeframe for obtaining formal approval may extend up to a week, contingent upon the bank's processes.

Settle Your Loan

When all the paperwork is complete the keys to your dream home will be handed over to you.