IBA acknowledges the Traditional Owners of Country throughout Australia and their continuing connection to land, sea, and community. We pay our respects to them and their cultures, to the Elders past, present, and emerging.
Aboriginal and Torres Strait Islander people should be aware that this website may contain images, names and voices of deceased people.

Home guarantee Scheme

The HGS is an Australian Government initiative administered by Housing Australia. The HGS supports eligible home buyers to purchase a home sooner through a participating lender (such as IBA) by providing three Guarantees: 

  1. First Home Guarantee (FHBG) supports you to buy a home sooner, with a deposit of as little as 5%. 
  2. Regional First Home Buyer Guarantee (RFHBG) supports 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 (and single legal guardians) with at least one dependent child in purchasing a family home, with a deposit as little as 2%.  

The HGS gives participating lenders a limited guarantee from the Australian Government of up to 18% of the property purchase price. This enables customers with a deposit of less than 20% to avoid paying Lenders Mortgage Insurance (LMI) costs.  

 While LMI is not applicable to IBA customers, when you are ready to refinance you may have more options available to you with a guaranteed loan via other HGS participating lenders. 

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 or permanent resident over 18 years of age. (Please note that until further notice, IBA are unable to assist permanent residents to access the HGS). 
  • Applicants for FHBG and RFHBG may be first home buyers or previous home owners (who haven’t owned a property within the last 10 years). 
  • Applicants for FHG may be a first home buyer or a previous home owner. 
  • The property will be your principal place of residence. 
  • Individuals must have a taxable income of no more than $125,000 per annum and joint borrowers 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.