AusSchemes is not a government service. This information is general in nature and may not reflect the most recent eligibility rules or amounts. Always confirm details on the official source before applying.
First Home Guarantee
Allows eligible first home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI), with the government guaranteeing up to 15% of the loan.
Indicative amount
Avoids LMI worth $10,000–$30,000+ on a typical loan
Indicative amount only — confirm on the official page
What you get
Government guarantees up to 15% of the property value so you avoid LMI costs (which can be $10,000–$30,000+ on a typical loan). Property price caps apply by city/region.
Who it's for
Relevant life events: buying home
How to apply
1. Check eligibility on the Housing Australia website. 2. Apply through a participating lender or mortgage broker. 3. You do not apply directly to Housing Australia.
Documents you may need
- Proof of first home buyer status
- Income documentation
- Identity documents
- Property purchase contract
Informational only — confirm exact requirements on the official page.
You will be taken to www.housingaustralia.gov.au
Last reviewed by AusSchemes: 20 April 2026