First Home Guarantee (formerly First Home Loan Deposit Scheme)
Supporting eligible first home buyers purchase a home sooner.
- For first home buyers without a 20% deposit (subject to bank lending assessment)
- Buy a new home with 5% minimum deposit
- 35,000 places for financial year 2024/25
- Restricted to new home builds and completed stock
- Avoid paying mortgage insurance
- Government guarantees 15% difference
Regional First Home Buyer Guarantee
Supporting eligible regional first home buyers to purchase a home in a regional area. As with the above program but with a limit of 10,000 places for financial year 2024/25.
Family Home Guarantee
Supporting eligible single parents with at least one dependent child to buy a home, whether that single parent is a first home buyer or a previous home owner.
- 2% deposit required
- 5,000 places for financial year 2024/25
- First home buyers or previous homeowners
- New and existing homes
- Single parent with at least one dependent child
- The single parent or single legal guardian must have a taxable income that does not exceed $125,000 per annum for the previous financial year as shown on the Notice of Assessment (issued by the Australian Taxation Office). NB: Child support payments are not included as income for the purpose of the income cap.
First Home Super Saver Scheme
The first home super saver (FHSS) scheme allows people to save money for their first home inside their super fund. From 1 July 2017, you can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home. From 1 July 2018, you can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.
- Salary sacrifice up to $15,000 per year into Super (up to a total of $50,000 across all years, from 1 July 2022)
- Taxed on withdrawal with 30% tax offset
- No income test
- Effectively allows saving for home deposit at 15% tax rate
- Changes to the FHSSS have come into effect as of 15 September 2024. These changes mean that if you've applied for the scheme prior to this date but were unsuccessful, your application will be rechecked to reassess eligibility. If you were previously successful, you cannot access the scheme again.
