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At Great Southern Bank, we’re proud to help more first-home buyers step onto the property ladder. One of the ways we do this is through our continued involvement in the First Home Guarantee, which is part of the Australian Government’s Home Guarantee Scheme.
What’s the First Home Guarantee?
The First Home Guarantee is a government initiative that provides eligible first home buyers the opportunity to buy or build their first home with a deposit as little as 5%.
Traditionally, home buyers need to save a 20% deposit to avoid paying costly Lenders Mortgage Insurance (LMI). For many Australians, saving a 20% deposit is a big barrier to getting onto the property ladder.
Lowering the barrier to home ownership
Under the First Home Guarantee, your minimum savings goal drops to 5%. This is because the Australian Government acts as a guarantor, so you don’t have to fork out extra funds for LMI – even if your deposit is less than 20%.
You can take years off the time it takes to save a deposit and move into your first home sooner.
More places than ever before
The number of overall places in the First Home Guarantee has more than tripled for the 2022/23 financial year, meaning we can help more Australians into their first home than ever before.
From July 1, 2022, the National Housing Finance and Investment Corporation (NHFIC) released 35,000 places under the First Home Guarantee.
WHY CHOOSE US
Experienced lenders to guide you through the process
This is our third year taking part in the Home Guarantee Scheme. During this time, we have helped over 3,500 customers buy a home through the scheme.
“Wayne was an absolute champ during the whole process! Always letting me know what I needed to do and all while answering all the dumb questions I had.”
Robert, 33, WA Great Southern Bank Customer.
Simply complete the form and a Home Loan Specialist will be in touch.
Apply for a Great Southern Bank home loan and we’ll make an application to reserve your place in the First Home Guarantee.
(Great Southern Bank’s normal lending criteria will apply.)
2. Buy an eligible home
Once your place in the First Home Guarantee is confirmed, you’ll have 90 days to buy your home.
3. Move into your home
You’ll need to move in within six months of settlement. Exceptions apply for new builds.
There are a few eligibility requirements, all applicants must:
Be first home buyers.
Be aged 18 years and over.
Be Australian citizens and have a valid Medicare card.
Have a taxable income of no more than $125,000 in the last financial year for singles or no more than $200,000 for couples (as shown on the Notice of Assessment issued by the Australian Taxation Office).
For couples, be married or in a de-facto relationship with each other.
Be buying an eligible property within the property price threshold for your area. You can view the property price cap for your suburb on the NHFIC website.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval. Ask us for details. More information about the Home Guarantee Scheme (including the First Home Guarantee and Family Home Guarantee) and the NHFIC is available at www.nhfic.gov.au.
Confirm your eligibility
To apply online, you must be
At least 18 years of age.
A permanent resident of Australia.
Applying for yourself or as a married/de facto couple.
Buying an existing property or refinancing.
Can't apply online?
Connect with a specialist.
ONLINE ONLY OFFER
Enjoy a $835 saving with $0 establishment fee and $0 security admin fee when you apply online!#
What’s Lenders’ Mortgage Insurance (LMI)?
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.