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First Home Guarantee

As a participant in the Australian Government’s Home Guarantee Scheme (HGS), G&C Mutual Bank is proud to help even more first home buyers realise their home ownership dreams through the First Home Guarantee (FHBG) program.

 

From 1 July 2025, 35,000 First Home Guarantees will be made available for loans to eligible first home buyers and eligible previous home owners with a deposit of between 5 and 20 per cent of the property value.

 

The First Home Guarantee can be used for individual or joint applicants to build a new home or purchase an existing home, without needing to pay for Lenders Mortgage Insurance (LMI) or rely on a guarantor. For a property to be eligible, it must be a residential property as defined by the program. Investment properties will not be supported by the First Home Guarantee.

 

The following eligibility criteria apply:

  • Applying as an individual or joint applicants
  • Australian citizens or permanent residents who are at least 18 years of age
  • A taxable income of up to $125,000 for individuals or $200,000 for joint applicants as shown on your ATO Notice/s of Assessment
  • You must be an owner occupier of the property you are purchasing
  • You must be first home buyers who have not previously owned, or had an interest in, a property in Australia in the last 10 years

 

To find out more, including your eligibility, refer to Housing Australia website.

First Home Guarantee FAQ's:

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme. The purpose of the First Home Guarantee (FHBG) is to support eligible home buyers to enter the housing market sooner. It does this by allowing Housing Australia to issue 35,000 guarantees each financial year for eligible loans to home buyers with a deposit of between 5 and 20% of the property value.

 

 

You can check your potential eligibility on the Housing Australia website. There's different eligibility criteria depending on whether you are applying as an individual or joint applicant. If you're ineligible for the Home Guarantee Scheme, we'll work with you to explore other options to help you get into your first home.

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme (HGS).

The maximum property price varies depending on your location. Use Housing Australia's online tool to check the property price threshold for the location in which you are looking to purchase. 

Reservations for the First Home Guarantee through G&C Mutual Bank are available now. Places are limited, so contact us for more information.

We'll help you navigate the process, and submit a request to reserve a place in the Scheme on your behalf.

Should you have any queries, we're ready to help you via our online home loan application, online enquiry form, by phone on 1300 364 400, in person at one of our Service Centres, or connect with a Mobile Lender to discuss your financial circumstances at a time and place that suits you. 

First Home Owner Grant: The First Home Owner Grant is a government scheme providing a one-off payment for eligible first home buyers who purchase or build a residential property to live in.

Stamp duty concessions: Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme: The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

Enquire about the First Home Guarantee today

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In the spirit of reconciliation G&C Mutual Bank acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today. We support the Uluru Statement from the Heart to achieve justice, recognition and respect for First Nations people.


Any advice or information on this site does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. Please review G&C Mutual Bank's Terms and Conditions before acquiring the product.

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