First Home Buyer Home Loan 2023 in Australia, Administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government, the First Home Guarantee (FHBG) is a component of the Home Guarantee Scheme (HGS) that aims to assist qualified first home buyers in purchasing a home at an earlier stage.
The NHFIC guarantees a portion of the home loan from a Participating Lender for eligible first home buyers under the FHBG, enabling them to purchase a home with only a 5% deposit and without the need for Lenders Mortgage Insurance.
The Guarantee for a home loan is limited to a maximum of 15% of the property’s value as assessed by the Participating Lender, and it should be noted that this is not a cash payment or a deposit for a home loan.
Eligible first home buyers can apply for 35,000 FHBG spots between 1 July 2022 and 30 June 2023.
First Home Buyer Home Loan 2023 in Australia Details
- Minimum deposit required: 5%
- Number of places available in FY2022-23: 35,000
- Purchasing history: Must be first home buyers
- Property type: New and existing homes
- Borrower eligibility: Single and couple applicants
- Maximum purchase prices apply
- See price caps for details.
- First Home Buyer Home Loan 2023
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Eligibility Criteria For First Home Buyer Home Loan in Australia
- Home buyers must be applying as an individual or couple (married / de facto)
- Must be an Australian citizen(s) at the time they enter the loan
- Should be at least 18 years of age
- Need to earn up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment issued by the Australian Taxation Office
- Must be intending to be owner-occupiers of the purchased property
- Must be first home buyers who have not previously owned, or had an interest in, a property in Australia
- Access the Eligibility Tool – a short questionnaire to help home buyers identify which Guarantee/s they may be eligible for
- Contact a Participating Lender for more information, including the full list of eligibility criteria.
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Property Types
- The FHBG allows home buyers to purchase different types of residential properties, such as:
- Existing houses, townhouses, or apartments
- House and land packages
- Land with a separate contract to build a home
- Off-the-plan apartments or townhouses
- The Property Price Cap Tool can be used to check the property price caps for each location.
- Specific timeframes and criteria apply to each property type, and the contract of sale and eligible building contract may need to be executed by specific dates.
- For more information, including the full list of property criteria, contact a Participating Lender.
- First Home Buyer Home Loan 2023
Frequently Asked Questions
How to Apply for First Home Buyer Home Loan?
- Only Participating Lenders or their authorised representatives (mortgage brokers) can accept applications for the HGS. NHFIC does not accept applications or provide personal financial advice.
- First Home Buyer Home Loan 2023
- Home buyers and their advisors should consult with a Participating Lender and seek independent financial and legal advice to determine if a specific home loan or property, and the HGS terms, are suitable for personal circumstances and objectives.
- Before entering into a home loan agreement, home buyers should discuss with their lender or broker the potential effects of interest rate or house price changes on their individual circumstances.
- First Home Buyer Home Loan 2023
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