Home guarantee Scheme

What is the Home Guarantee Scheme (HGS)?

The HGS is an Australian Government initiative delivered through the National Housing Finance and Investment Corporation (NHFIC). The HGS supports eligible home buyers to purchase a home sooner through a participating lender (such as IBA) by providing three schemes:

1. First Home Guarantee (FHBG) supports you buy a first home sooner, with a deposit of as little as 5%.

2. Regional First Home Buyer Guarantee (RFHBG) supports first home buyers who have been living in a regional area for minimum 12 months. The property being purchased must be in the same or an adjacent area to the one the buyer currently lives in. Deposit required is as little as 5%.

3. Family Home Guarantee (FHG) aims to support eligible single parents with at least one dependent child in purchasing a family home, with a deposit as little as 2%. This is available to eligible first home owners and previous home owners.

The HGS enables more eligible home buyers to make home ownership a reality by providing participating lenders with a limited guarantee from the Australian Government of up to 18% of the property purchase price. While lenders mortgage insurance (LMI) is not applicable to IBA, the benefit to our customers is that you may be able to move your guaranteed loan to another participating lender when you are ready to refinance.


Find out more about the Home Guarantee Scheme


Am I eligible for the Home Guarantee Scheme?

To be eligible, you must first meet IBA’s criteria.

In addition, you must meet specific HGS eligibility criteria which includes, but is not limited to:

  • You must be an Australian citizen over 18 years of age. Permanent residents are not eligible
  • Applicants for FHBG and RFHBG must be first home buyers
  • Applicants for FHG may be a first home buyer or a previous home owner
  • The property will be your principal place of residence
  • Couples must be in a married or de facto relationship
  • Individuals must have a taxable income of no more than $125,000 per annum and couples a combined taxable income of no more than $200,000 per annum.

Find more information about eligibility criteria

Are there restrictions on the property I can build or buy?

The property must be an acceptable property and maximum purchase prices apply based on the suburb and postcode of the property being purchased.

Find out more information about acceptable property types and maximum purchase prices

How do I apply?

You can only apply through participating lenders. If you want to apply through IBA, we'll assess your eligibility through our home loan process and be in touch