You could buy a home with a smaller deposit and without paying costly Lenders’ Mortgage Insurance. Moving day might be closer than you think!
Available Guarantees
* Subject to meeting certain eligibility criteria set out by the Australian Government
Which Guarantee is right for me?
| First Home Guarantee | Family Home Guarantee | Regional First Home Buyer Guarantee | |
|---|---|---|---|
| Minimum deposit | 5% | 2% | 5% |
| Number of applicants | Single or joint applicants, maximum of 2 applicants | Single applicants | Single or joint applicants, maximum of 2 applicants |
| Citizenship | Must be an Australian Citizen or an Australian Permanent Resident. | ||
| Property type | Existing homes and new builds. Must be owner occupier, investment properties are not eligible. | ||
| Purchase history | Applicants can be a first home buyer or previous homeowners who haven't owned a property in Australia in the past 10 years. | Applicants can be a first home buyer or previous homeowner. | Applicants can be a first home buyer or previous homeowners who haven't owned a property in Australia in the past 10 years. |
| Income | Have a taxable income of no more than $125,000 in the last financial year for singles or no more than $200,000 for joint applications. | Have a taxable income of no more than $125,000 in the last financial year. Child support payments are not included as income for the purpose of the income cap. | Have a taxable income of no more than $125,000 in the last financial year for singles or no more than $200,000 for joint applications. |
| Available places | 35,000 places from 1 July 2023 to 30 June 2024. | 5,000 places from 1 July 2023 to 30 June 2024. | 10,000 places from 1 July 2023 to 30 June 2024. |
| Location | Australia wide | Australia wide | Australian Regional Areas. Applicants must have lived in or adjacent to the area for the preceding 12 months. |
| Property price cap | Property price caps for your area can be viewed on Housing Australia website . | ||
| Enquire now | Enquire now | Enquire now | |
Frequently asked questions
The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers to purchase a home sooner.
The HGS includes the following schemes:
- The First Home Guarantee, for eligible first home buyers or previous homeowners who haven't owned a property in Australia in the past 10 years.
- The Family Home Guarantee, for eligible single parents and legal guardians with dependants.
- The Regional First Home Buyers Guarantee, for eligible first home buyers or previous homeowners who haven't owned a property in Australia in the past 10 years living in regional areas.
The First Home Guarantee is an Australian Government initiative designed to help more Australians get on the property ladder sooner.
Under the First Home Guarantee eligible home buyers can buy a home with as little as 5% deposit. And, without having to pay costly Lenders' Mortgage Insurance (LMI).
Find out more about the First Home Guarantee.
The Family Home Guarantee is an Australian Government initiative designed to support single parents and legal guardians with at least one dependant looking to buy their first home or re-enter the property market.
Under the Family Home Guarantee, eligible single parents and legal guardians can buy a home with as little as 2% deposit – and avoid paying costly LMI.
You can learn more about the Family Home Guarantee.
The Regional First Home Buyer Guarantee is an Australian Government initiative designed to assist eligible regional Australians looking to buy a home in a regional area.
Under the Regional First Home Buyer Guarantee, eligible first home buyers or previous homeowners who haven't owned a property in Australia in the past 10 years living in a regional area for the preceding 12 months can buy a home in this area or an adjacent area with as little as 5% deposit. And, without having to pay costly LMI.
To find out if your area is defined as regional, refer to the Regional Checker.
You can learn more about the Regional First Home Buyer Guarantee here.
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.
Great Southern Bank is the trading name of Credit Union Australia Limited. You may have previously known us as CUA.
For over 75 years we’ve helped our customers reach their financial goals. We noticed that buying a home has been getting harder in recent years, so we’ve made it our purpose to help every Australian achieve the dream of owning their own home.
Plus, being customer-owned means that you come first. Instead of chasing huge profits for shareholders, we reinvest back into the business to provide better products and services to our customers.
Check out the table above or visit Housing Australia website.
More information on each type of Guarantee can be found here:
Top tips for buying a home
Apply for a Great Southern Bank home loan and we’ll make an application to reserve your place in one of the Guarantees. (Great Southern Bank’s normal lending criteria will apply.)
Once your place in the Scheme is confirmed, you’ll have 90 days to buy your home.
You’ll need to move in within six months of settlement. Exceptions apply for new builds.
Speak to one of our Home Loan Specialists via live online chat.
Fill out the online enquiry form and we’ll call you at your preferred time.
Mon - Fri: 8:00am - 6:00pm (AEST)
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval. Ask us for details. More information about the Home Guarantee Scheme (including the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee) and Housing Australia is available at www.housingaustralia.gov.au.