Am I eligible for the First Home Guarantee?

The First Home Guarantee (FHBG) is an Australian Government scheme that helps eligible first-home buyers purchase a home with a deposit as low as 5% without needing to pay Lenders Mortgage Insurance (LMI). But what’s also crucial to note is that your loan application will be accessed at a Loan to Value Ratio of 80% instead of 95% if you have a deposit of 5%. This means you will save thousands of dollars in interest repayments annually.

Eligibility Criteria (2024)

To qualify, you must meet the following:

✅ Be a first-home buyer – You must not have previously owned a home in Australia.
✅ Be an Australian citizen or permanent resident – At least one applicant must be an Australian citizen or PR when entering the loan.
✅ Be over 18 years old.
✅ Meet the income cap:

• Single applicants: Max $125,000 per year

• Couples (married or de facto): Max $200,000 per year

• Based on taxable income from the last financial year
  ✅ Live in the property – You must move in within 6 months and live there as your primary residence.
  ✅ Minimum deposit of 5% – You must have between 5% and 20% of the property’s value saved.
  ✅ Loan requirements – The loan must be for a residential home, and you must be eligible for a standard home loan with a participating lender.

The First Home Guarantee (FHBG) has specific property price caps that vary depending on the state and region. Here's a breakdown of the maximum property values eligible under the scheme:

State/TerritoryCapital City & Regional CentresRest of State

New South Wales $900,000 Regional Area $750,000

Victoria $800,000 Regional Area $650,000

Queensland $700,000 Regional Area $550,000

Western Australia $600,000 Regional Area $450,000

South Australia $600,000 Regional Area $450,000

Tasmania$600,000 Regional Area $450,000

Australian Capital Territory $750,000 Regional Area Not applicable

Northern Territory $600,000 Regional Area Not applicable

Regional centres include Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast, and Sunshine Coast.

For example, we are based in Brisbane, Queensland, so the property price cap for the FHBG is $700,000. This means that the property you intend to purchase should be priced at or below this amount to be eligible for the scheme. Just type your postcode into the Price Cap Tool Below and see your spending limit for a property.