First Home Guarantee Calculator
Calculate your LMI savings and check eligibility for government-backed first home buyer schemes.
First Home Guarantee Savings Calculator
See how much you can save on Lenders Mortgage Insurance with a government guarantee
Understanding the First Home Guarantee
What is the First Home Guarantee?
The First Home Guarantee (previously First Home Loan Deposit Scheme) is an Australian Government initiative that helps eligible first home buyers purchase a home sooner. The scheme allows you to buy with a deposit as low as 5% without paying Lenders Mortgage Insurance (LMI).
Eligibility Requirements
- Australian citizen aged 18 or over
- First home buyer (never owned property)
- Income under $125,000 (single) or $200,000 (couple)
- Property below price cap for your area
- Must live in property as principal residence
Available Schemes
- First Home Guarantee: 5% deposit minimum
- Regional FHB Guarantee: 5% deposit for regional areas
- Family Home Guarantee: 2% deposit for single parents
- Each has specific eligibility criteria
Important Considerations
- Smaller deposit means larger loan
- Higher monthly payments than 20% deposit
- Still need funds for stamp duty and legal fees
- Limited places available each year
- Must use participating lender