Housing Australia

Border Bank is a proud participating lender in the Australian Government’s Housing Australia

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ABOUT

What is the Housing Australia?

Housing Australia is an Australian Government initiative to support eligible home buyers purchase a home sooner.

How does the Scheme work?

Under the Home Guarantee Scheme, part of an eligible first, regional or family home buyer’s home loan from a participating lender will be guaranteed by Housing Australia.

This is aimed at enabling eligible home buyers to purchase their first home sooner with lower deposits. In doing so eligible buyers can avoid paying for lender’s mortgage insurance premiums usually required for smaller deposit levels (which could cost up to $30,000~).

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Who can apply for the Scheme?

All applicants must meet the requirements of:

    • An Australian permanent resident
    • An income test
    • A prior property ownership test
    • A minimum age test
    • Any deposit requirements
    • An owner-occupier requirement
    • Family Home Guarantee applicants must pass an eligible single or adoptive parent test or single legal guardians of at least one dependent.
    • The First Home Guarantee and the Regional First Home Buyer Guarantee applicants include those who have not owned a property in Australia in the last 10 years.
    • The First Home Guarantee and the Regional First Home Buyer Guarantee can be two applicants that are friends, siblings or any other family member (in addition to single applications).

You can find out more about eligibility requirements for the guarantee and unique eligibility requirements within each scheme by visiting the Housing Australia website.

Why is this great news for you?

To purchase a home, you would normally need to save at least 20% of the property’s value to avoid having to pay for Lender’s Mortgage Insurance (LMI) premiums or relying on a guarantor. With this Scheme Housing Australia provides a Guarantee to Participating Lenders, which enables eligible first, regional or family home buyers the opportunity to buy a home sooner, with a smaller deposit and without paying LMI.

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First Home Guarantee

The First Home Guarantee (FHBG) is part of Housing Australia is an Australian Government initiative to support eligible home buyers purchase a home sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for eligible loans to  home buyers with a deposit of between 2 and 20 per cent of the property value.

You can find more information about the FHBG and eligibility criteria on the Housing Australia website.

Family Home Guarantee

The Family Home Guarantee (FHG) is part of Housing Australia and is an Australian Government initiative to support eligible home buyers purchase a home sooner.

The FHG is for single parents and single legal guardians with dependents, including those who are not first home buyers. The purpose of the FHG is to support eligible single parents on a pathway to home ownership.

You can find more information about the FHG and eligibility criteria on the Housing Australia website.

Regional First Home Buyer Guarantee

The Regional First Home Buyer Guarantee (RFHBG) is an Australian Government initiative that aims to support eligible regional first home buyers to purchase a home sooner.

The RFHBG is to help eligible regional home buyers to buy a home sooner in a regional area.

You can find more information about the RFHBG and eligibility criteria on the Housing Australia website.

Ready to apply for a Housing Australia Loan?

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Important Information

Terms and conditions apply and are available on request. Fees, charges and lending criteria apply. A Financial Services Guide (FSG) is available here, at all Branches, on our website and upon request. Home Loan Terms & ConditionsThe interest rate and comparison rate is current as at and is subject to change. Unless stated, all comparison rates are based on principal and interest repayments. For more information on interest only comparison rates, please contact us. The ‘ Police Bank – First Home Loan’ is only available for applicants that qualify for the Home Guarantee Scheme. Interest Only is only applicable for Construction purposes. *The comparison rate is based on a loan of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. # Offset Account is not available on Interest Only or Fixed Loans. ^ Housing Australia’s participation in the scheme varies dependent on the purchase stream of each buyer.  

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