The First Home Guarantee (FHBG) is an Australian Government initiative to help first home buyers buy their first home. Eligible first home buyers can buy or build a home with a deposit of as little as 5% (lenders criteria apply). The government guarantees 15% of the home so eligible buyers do not need to pay the traditional Lenders Mortgage Insurance (LMI).

FHBG eligibility requirements:

• You haven’t previously owned or had an interest in a property in Australia, in the last 10 years
• You’re an eligible first home buyer
• You’re an Australian citizen or Permanent Resident
• You’re 18 years of age, or older
• You possess a deposit of at least 5% in genuine savings
• You meet both income and property price threshold requirements
• Applying as an individual, couple (married/ de facto), or joint application with friends and family.

The Family Home Guarantee helps single parents get into (or back into) the property market. Single parents or legal guardians with at least one dependent will be able to buy a home with a deposit of just 2%. The Government will then guarantee the remaining 18%. This means no Lenders Mortgage Insurance, which we know can be a barrier for people building their own home.

Family Home Guarantee eligibility requirements:

• You do not currently own a home in Australia
• You’re a single parent or legal guardian with at least one dependant living with you, this includes aunts, uncles and grandparents
• You’re an Australian citizen, or Permanent Resident
• You’re 18 years of age, or older
• You earn no more than 125k annually
• You possess a deposit of at least 2% in genuine savings
• Your property meets price threshold requirements.

The First Home Owner Grant (FHOG) is a massive win for first home buyers who choose to build. The State Government gives you a one-off payment of $10,000 to help with your loan. The best part is, you don’t need to pay it back! There are a few basic requirements you need to meet in order to be eligible.

FHOG eligibility requirements:

• You have never owned property in Australia (or if you have, it was prior July 2000)
• You are an Australian citizen, or a permanent resident at the time of applying
• You are 18 years of age, or older
• You must live in the home you wish to build (owner-occupier)
• You meet all property price eligibility criteria for this scheme (up to $750,000 in the Perth Metro Area)

First Home Owner Grant WA (FHOG)

The First Home Super Saver scheme  (FHSS) allows first home buyers to save money for their home inside their super fund. Eligible first home buyers who make voluntary contributions into their super can withdraw these amounts (in addition to associated earnings / less tax) to help with a home deposit. If you’re eligible, the maximum amount of contributions that can be withdrawn under the scheme is up to $50,000, but you don’t need that much to get started!

FHSS eligibility requirements:

• You’re 18 years old or older
• You’ve never owned any property in Australia
• You have never had funds released from superannuation through this scheme

Eligible Personal Voluntary Super Contributions

• Even though you can’t withdraw until you’re 18, you can start saving before you turn 18.
• You can save a maximum of $15,000 per financial year.
• When you’re ready, you can withdraw up to $50,000 of saving across all years. (Completing a FHSS determination will tell you the maximum amount you can withdraw).