Australian borrowers who are applying for any programs under the Home Guarantee Scheme will now be able to explore options with Westpac Group, which has joined the lending panel for the scheme. Westpac and RAMS will participate in the Scheme from 1 July 2023, followed later in the year by St. George, Bank of Melbourne and BankSA.
On behalf of the Australian Government, the National Housing Finance and Investment Corporation (NHFIC) manages the Scheme. It aims to help eligible parties, such as first-time buyers, single parents, and Australians from regional areas, acquire a home quickly.
The Home Guarantee Scheme consists of a collection of plans for which potential homebuyers can apply:
The First Home Guarantee (FHBG) supports eligible first-home buyers to purchase their homes sooner and with a deposit as low as 5%. There are 35,000 spots available each financial year.
The Regional First Home Buyer Guarantee (RFHBG) supports eligible first-time regional homebuyers to purchase a house in a regional location. From 1 October 2022 through 30 June 2025, 10,000 slots will be offered each financial year.
The Family Home Guarantee (FHG) supports eligible single parents with at least one dependent child to purchase a property with as little as a 2% deposit. There are 5,000 places available each financial year, to 30 June 2025.
How To Apply
Only a participating lender, their authorised representative, or a mortgage broker may submit applications. Currently, there are 32 participating lenders, including major banks, non-banks and credit unions.
Are you ready to apply? Our mortgage brokers can help you with the application. Call us on 1300 889 743 or enquire online today.