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)
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If eligibility changes, the Guarantee may be withdrawn and LMI may apply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.
