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Expanded Home Guarantee Scheme now live

by Annie Kane11 minute read

Fifty thousand places have opened under the government’s expanded Home Guarantee Schemes, with Westpac and RAMS now participating in the scheme.

With a new financial year having started, the next tranche of places available under the Australian government’s Home Guarantee Schemes — which enable home buyers to access high loan-to-value ratio mortgages without paying lenders mortgage insurance (LMI) — have opened up.

The Home Guarantee Schemes include:

  • 35,000 places under the First Home Guarantee (FHBG) — to support eligible first home buyers to buy their first home sooner, with a deposit of as little as 5 per cent
  • 10,000 places under the Regional First Home Buyer Guarantee (RFHBG) — to support eligible regional first home buyers to buy a home in a regional area with a deposit of as little as 5 per cent
  • 5,000 places under the Family Home Guarantee (FHG) — to support eligible single parents with at least one dependent child to buy a home, with a deposit of as little as 2 per cent

This year, the eligibility criteria for all elements of the scheme have been expanded as the government continues to address Australia’s housing challenges.


As previously announced, the expanded eligibility criteria now also includes:

  • Permanent residents (for all guarantees)
  • Those who have previously owned properties but haven't done so for the last 10 years (for all guarantees)
  • Joint applications who are not in a relationship (for the First Home Guarantee and the Regional First Home Buyer Guarantee)
  • Single legal guardians of children (for the Family Guarantee).

Minister for Housing Julie Collins said the government’s changes to the eligibility criteria for the Home Guarantee Scheme reflected the times.

“The Albanese Labor Government is moving to meet the times, because households have changed,” Minister Collins said.

“I encourage Australians who may be finding the deposit hurdle difficult to overcome to look at support available under the Home Guarantee Scheme.

“The Albanese Government is proud to be expanding these opportunities with 50,000 new places available from today and expanded eligibility criteria."

She added that, since being elected, the Albanese Government has helped more than 50,000 Australians into home ownership through the scheme.

Westpac and RAMS now offering government guarantee loans

More lenders will also participate in the schemes this year, with Westpac and RAMS Home Loans having joined the National Housing Finance and Investment Corporation (NHFIC) lender panel on Saturday (1 July). Previously, just Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) were on the major bank panel.

St.George, Bank of Melbourne, and BankSA are expected to start offering loans under the scheme later this year.

Westpac’s consumer and business bank chief executive, Chris de Bruin, commented: “We are delighted to be part of the Australian government’s Home Guarantee Scheme which has already helped over 100,000 Australians into home ownership since the scheme commenced over three years ago.

“Saving a 20 per cent deposit is one of the many challenges people face when trying to get a foot on the property ladder, particularly for first home buyers or single parents.

“We are also pleased to be able to support friends and family members getting together to buy their home under the new changes to the scheme.”

Westpac is also offering up to $2,000 cashback on Westpac Home and Contents Insurance policies (provided by Allianz) for loans supported by the Regional First Home Buyer Guarantee or Family Home Guarantee from now until 30 September 2023 (which settle by 31 December 2023).

[Related: Home Guarantee Scheme to expand from 1 July]

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