First Home Guarantee Scheme (FHGS)
Mortages & Finance

First Home Guarantee Scheme (FHGS)

The Australian Government has announced it will expand the eligibility criteria of the Home Guarantee Scheme, effective 1 July 2023. These changes include:

  • All guarantees will also become available to eligible borrowers who are Australian permanent residents
  • First Home Guarantee and Regional First Home Buyer Guarantee will be expanded to non‑first home buyers who haven’t owned a property in Australia in the past 10 years
  • Under the First Home Guarantee and the Regional First Home Buyer Guarantee, friends, siblings, and other family members will be eligible for joint applications
  • Family Home Guarantee eligibility will be expanded from single, natural or adoptive parents at least one dependent to include eligible borrowers who are single legal guardians of a dependent, such as aunts, uncles and grandparents

This means you could buy your first home sooner!

Saving a deposit for your first home can be challenging. That’s why we’re proud to work alongside the Australian Government on the Home Guarantee Scheme to help more home buyers and single parents realise their home ownership goals.

Along with our flexible home loans and competitive interest rates, the Home Guarantee Scheme is another way we can help home buyers into property ownership sooner.

Eligibility criteria

To apply for the FHBG, home buyers must be:

  • applying as an individual or 2 joint applicants
  • an Australian citizen(s) or permanent resident(s) at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
  • intending to be owner-occupiers of the purchased property
  • First home buyers or previous homeowners who haven’t owned a property in Australia in the past ten years.

Access the Eligibility Tool – a short questionnaire to help home buyers determine which Guarantee/s they may be eligible for.

Get in contact with our mortgages & finance team for more information, including the full list of eligibility criteria.

Deposit required

Home buyers applying for the FHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit. The minimum deposit required for the FHBG is 5%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances.
Home buyers should speak with a mortgage broker to find out whether a deposit is made up of genuine savings for the purposes of their lending criteria and the FHBG.

Home buyers should confirm with their Participating Lender whether any cash grants received under other Australian Government, State or Territory schemes or programs can be considered as part of their genuine savings.

Get in contact with our mortgages & finance team for more information and to discuss individual circumstances.

Property types and price caps

Under the HGS, home buyers can buy a residential property, including:

  • an existing house, townhouse or apartment
  • a house and land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

Use the Property Price Cap Tool to look up the property price caps for each location.

Specific timeframes and criteria apply to different property types. The contract of sale and (if applicable) eligible building contract may need to be executed by specific dates.

Get in contact with our mortgages & finance team for more information, including the full list of property criteria.

Participating Lenders

NHFIC has authorised a panel of participating lenders to offer the HGS to home buyers.

Notice of Assessment (NOA)

The HGS includes an income test, which is assessed by lenders using a Notice of Assessment (NOA).

Once a tax return has been processed, the Australian Taxation Office (ATO) sends a statement called the Notice of Assessment to the taxpayer’s myGov Inbox.

For HGS reservations made from 1 July 2023 to 30 June 2024, the relevant Notice of Assessment is the 2022-2023 financial year. NHFIC advises applicants to speak to their Participating Lender to understand the risk of signing a Contract of Sale prior to obtaining the latest Notice of Assessment.

At Proacct Plus we can ensure your tax obligations are up to date, to ensure a smooth application process.

To find out more and how to apply get in contact with us today to see if we can assist you to get into your first home sooner!


Ph: 03 9880 9600


Proacct Plus – Mortgages & Finance Team


Source: National Housing Finance & Investment Corporation.



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