Recent updates to the First Home Guarantee have changed eligibility thresholds, deposit requirements and the number of places available each financial year. If you're planning to buy in the next 12 months, understanding these changes early can materially affect your strategy.
What's changed
Income caps have been adjusted to reflect current living costs, and the property price caps in several capital cities have been revised upward to keep pace with the market. The minimum deposit required under the scheme remains a key drawcard, allowing eligible buyers to purchase with as little as 5% deposit without paying lenders mortgage insurance.
Place allocations are also released in tranches throughout the financial year, which means timing your application matters. Speaking with a specialist before you begin house-hunting can help you avoid missing out due to allocation timing.
What this means for your application
Every lender assesses scheme eligibility slightly differently, and not all participating lenders offer the same rates or loan features. A tailored comparison across the panel of scheme-approved lenders can help ensure you're not only eligible, but getting a genuinely competitive deal.
If you're unsure whether you qualify, or want help understanding how the changes affect your specific circumstances, our specialists can walk you through your options with no obligation.