First Home Guarantee Scheme - 5% deposit, No LMI

First Home Guarantee Scheme 

- This enables an eligible first home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.  

- No stamp duty for a purchase price up to $650,000.

- Concessional stamp duty for a purchase price between $650,000 - $800,000.

First Home Guarantee Scheme - Eligibility

To apply for the First Home Guarantee Scheme, applicants must: 

• apply as an individual or couple (married or de facto).  Can't be siblings or friends. 
• be an Australian citizen.  Can't be a New Zealand citizen or Permanent Resident.
• be at least 18 years old.
• earn up to $125,000 for singles or or $200,000 for couples.  You'll need to provide your Notice of Assessment (NOA).
• intend to be owner-occupiers of the property.  Can't be for an investment. 
• be first home buyers who have not previously owned a property in Australia (even if you've since sold it!). 

Applying for the First Home Guarantee Scheme

Applications for the First Home Guarantee Scheme can be made directly with a Participating Lender or us as your mortgage broker.

To reserve your spot in the First Home Guarantee Scheme, you will need your 2022 Notice of Assessment (NOA).  The First Home Guarantee Scheme includes an income test, which is assessed by lenders using a Notice of Assessment (NOA). 

Once your tax return has been processed, the Australian Taxation Office (ATO) sends a NOA to you myGov inbox.  

You can still reserve a First Home Guarantee Scheme spot with your 2021 NOA.  But you'll need your 2022 NOA to complete the transaction.  The 2022 NOA is still required prior to the issuance of a Guarantee Certificate.

The National Housing Finance & Investment Corporation warns first home buyers to speak to their brokers or lenders before signing a Contract of Sale.

For more information give us a call.

Matthew Stack - finance broker

0423 237 242

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