ROVO Finance helps first-time buyers unlock home ownership with just a 5% deposit, backed by the Australian Government’s First Home Guarantee.
Buying your first home can feel out of reach — especially with rising property prices and strict lending criteria. The First Home Guarantee, part of the Home Guarantee Scheme, is designed to change that. It allows eligible buyers to purchase a home with as little as 5% deposit, without paying Lenders Mortgage Insurance (LMI).
What Is the First Home Guarantee?
- An Australian Government initiative supporting eligible first home buyers
- Allows purchase with a minimum 5% deposit
- Housing Australia guarantees up to 15% of the property value to the lender
- Helps buyers avoid costly LMI premiums
Who Is Eligible?
- Australian citizens or permanent residents aged 18 or older
- Individual taxable income up to $125,000 or combined income up to $200,000
- Must be a first home buyer or not have owned property in the past 10 years
- Minimum deposit of 5% of the property value
- Must live in the property (investment purchases not eligible)
Check your eligibility using the official tool
What Properties Can You Buy?
- New or existing residential properties under the location-specific price cap
- House, townhouse, or apartment
- House and land packages
- Vacant land with a separate contract to build
- Off-the-plan purchases
Search property price caps by postcode
What Type of Loan Do You Need?
- Owner-occupier home loan from a Participating Lender
- Principal and interest repayments (some exceptions for interest-only during construction)
- Loan term up to 30 years (plus up to 3 years to build)
How to Apply
- Use the Eligibility Tool to check if you qualify
- Contact us and we will assist with submitting your application to Participating Lender. You can directly reach out to Participating Lender as well.
- Provide documents including proof of citizenship, income, and a signed declaration
- If eligible, your Guarantee place is held for 14 days while you complete your application
- You’ll have 90 days to find a home and sign a contract of sale
Ongoing Requirements
- You must continue living in the property as an owner-occupier
- If eligibility changes, the Guarantee may be withdrawn and LMI may apply
Ready to take the leap into home ownership? ROVO Finance can guide you through the First Home Guarantee process, help you compare lenders, and secure your place with confidence.
