Government Support for
Home Buyers

We’re proudly supporting the Australian Government’s Home Guarantee Scheme.

About the Scheme

The Home Guarantee Scheme (HGS or Scheme) is an Australian Government initiative to support eligible home buyers purchase a home sooner. The Scheme is administered by Housing Australia on behalf of the Australian Government.

Australian Military Bank is proud to be supporting the initiative and eligible home buyers to enter the property market.

Family Home Guarantee

Allows eligible single parents or legal guardians with at least one dependent to purchase a family home with a deposit of at least as 2%.

Regional First Home Buyer Guarantee

Allows eligible regional home buyers to purchase a new or existing home in a regional area with a deposit of as little as 5%.

First Home Guarantee

Allows eligible home buyers to purchase a new or existing home with a deposit of as little as 5%.

About the Process

When is it available?

From 1 July 2023, 50,000 new places in the Home Guarantee Scheme will be available. This includes 35,000 places for the First Home Buyer Guarantee, 10,000 for the Regional First Home Buyer Guarantee and 5,000 for the Family Home Guarantee.

Scheme eligibility

Not sure which Guarantee to apply for? Answer a few questions to find out which Guarantee you could apply for.

How does it work?

Under the Scheme, part of an eligible home buyer’s home loan from a Participating Lender will be guaranteed by Housing Australia.

Applicants must have not previously owned or had interest in a residential property in the last 10 years. Family Home Guarantee applicants are allowed to have previously owned a home but they must not currently have an interest in a residential property, either as an investor or owned occupier when settling their new property.

Individuals and must have earned less than $125,000 and couples less than $200,000 in the last financial year. Couples must be married or defacto (Family Home Guarantee applicants must be a single parent. A person is considered single if they don’t have a spouse and/or a de facto partner. Note: a person who is separated but not divorced is not considered single).

All applicants must be at least 18 years of age and an Australian citizen and an Australian Citizen or Australian Permanent Resident.

There are property price caps which vary depending on the location in which you buy. You can work out your property price cap using Housing Australia’s online tool Property Price Caps for the Home Guarantee Scheme (

✔ Minimum 5% deposit (First Home Guarantee or Regional Home Buyer Guarantee), or minimum 2% deposit (Family Home Guarantee)

✔ Applying for an owner occupier home loan with principle and interest repayments

Eligibility criteria include

Scheme Eligibility

To apply for the Scheme, you'll be subject to certain eligibility criteria. You need to be able to provide documentation of your eligibility to secure your position.

To make things easier, there is an online tool available on the Housing Australia website to help you to understand which Guarantee you may apply for.

Are you a current or former member of the Australian Defence Force?

In addition to the Home Guarantee Scheme, you may be eligible for the DHOAS home loan subsidy.
Get in touch to talk to us about DHOAS or check out our DHOAS Home Loans.

Are you a first home buyer?

There are a number of initiatives that may benefit you in addition to these Guarantees, you may be eligible for the First Home Owner Grant and Stamp Duty exemption.

Speak to us today so we can help you make the most of these initiatives depending on your circumstances.

LMI is a requirement for borrowers when their home loan deposit is less than 20% of their property’s purchase price. This is charged at the time of settlement and can be paid up front or capitalised onto the total loan amount (conditions apply).

Not all home loans are able to take the benefit of the Scheme. The Scheme is restricted to ‘Eligible Loans’, which are home loans:

  • made by a Participating Lender to
    (1) a single eligible first home buyer, or
    (2) a couple who are both eligible home buyers, and
  • that are for the purchase of an Eligible Property that is to be occupied by you as the owner, for as long as it is backed by the Scheme

In addition to these overarching eligibility requirements, the loans must:

  • be secured by a registered first ranking mortgage over the eligible property
  • have no other registered owners at the time of settlement other than the eligible borrower/s
  • have 100% of the loan drawdown proceeds used for the purchase (or towards the purchase and improvement) or construction of the eligible property
  • have a loan amount commitment not less than 80% and not more than 95% of the relevant Value of the property
  • have a loan term of 30 years or less
  • require regular repayments of principal (with limited exceptions for interest-only loans, which mainly relate to construction lending). Exception to this will be granted during the construction of a new dwelling, whereby lenders will be able to allow borrowers to make interest only repayments for the period in which the dwelling is being constructed until it can be occupied by the borrower.

For a property to be eligible for the Scheme it must:

  • be a ‘residential property’ – this term has a particular meaning under the Scheme, and you should ask your lender if there is any doubt
  • have a purchase price under the price cap for its location – click here to view the property price caps
  • be purchased by an eligible first home buyer under the Scheme (if applying for the First Home Guarantee)
  • at the settlement date for your home loan, you will be the sole registered owner/s of the property
  • be a property which is (1) an established dwelling, or (2) a new-build dwelling that is purchased under a house and land package, a land and separate contract to build a home or an ‘off-the-plan’ arrangement that is financed under an Eligible Loan from a participating lender

​For more information, visit:

Applications are subject the banks normal lending criteria. Fees charges and lending criteria apply and will be included with our loan offer. A Financial Services Guide (FSG) is available at all Branches, on our website and upon request.

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Australian Military Bank Ltd ABN 48 087 649 741
AFSL and Australian Credit Licence Number 237 988.