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The First Home Guarantee Scheme is your chance to secure your dream home with a low deposit.
Potentially save over $39,000 in Lenders Mortgage Insurance and Stamp Duty fees!
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Family Home Guarantee: Borrow with a 2% deposit
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First Home Guarantee: Borrow with a 5% deposit
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Regional Home Guarantee: Borrow with a 5% deposit
Tailored mortgage advice from an experienced broker
We don't charge any fees for our services at any time
Access to over 400 loans from over 40 different lenders
Get Approved in 3 Easy Steps
We'll discuss your situation and qualify you for a home loan.
We'll help fine tune your options and guide you to the right choice.
We will help manage your application from start to finish.
First Home Buyer Goodies
Stamp Duty Concessions
First Home Owners Grant
Stamp duty is a property tax charged when purchasing property. If you are a first home buyer in NSW, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme.
From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
The $10,000 First Home Owner Grant is available for newly built or substantially renovated homes. We find this policy to be a little outdated and underwhelming, you need to buy a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated. Maximum limits apply of $600,000 for new properties and $750,000 for house and land.
What is your borrowing power?
Borrowing power typically refers to the maximum amount of money a lender is willing to lend to a borrower. It's determined by various factors such as the borrower's income, expenses, credit history, and the lender's policies. Essentially, it's the amount a borrower can borrow responsibly based on their financial situation and the lender's assessment of their ability to repay the loan.
Your mortgage broker can calculate your borrowing power before applying with the bank, or have a play with our borrowing power calculator below:
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What is the home guarantee scheme?
The Home Guarantee Scheme is a government plan introduced to help borrowers with a deposit of at least 2% qualify for a home loan without paying Lenders Mortgage Insurance (LMI).
You can apply for the Home Guarantee Scheme in conjunction with the First Home Buyers Grant and Stamp Duty Concession.
From 1 July 2023, the categories of people eligible for the scheme have been expanded.
So, who can qualify?
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Australian citizens and permanent residents are eligible to apply for all three schemes: First Home Guarantee, Regional First Home Guarantee and Family Home Guarantee.
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Borrowers who are single, legal guardians of children – such as their aunts, uncles and grandparents – can apply for the Family Home Guarantee.
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Friends, siblings and other groups of family members can jointly apply for the First Home Guarantee and Regional First Home Buyer Guarantee.
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Non-first-home buyers who have not owned property during the last 10 years can also apply.
How do the plans under the home guarantee scheme work?
First Home Guarantee
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The minimum deposit is 5%.
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A new or existing home is accepted as a property.
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35,000 spots for the year are available from 1 July 2023.
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Single people or joint applicants, who can be family or friends, can apply.
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First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
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There are no location restrictions, but price caps vary by area.
Family Home Guarantee
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The minimum deposit is 2%.
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A new or existing home is accepted as a property.
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5,000 spots for the year are available from 1 July 2023.
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Single parents or guardians with at least one dependent can apply.
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First-home buyers or previous homeowners who do not intend to own a property other than the one they buy with the guarantee.
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There are no location restrictions, but price caps vary by area.
Regional First Home
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The minimum deposit is 5%.
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A new or existing home is accepted as a property.
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10,000 spots for the year are available from 1 July 2023.
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Single people or joint applicants, who can be family or friends, can apply.
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First-home buyers and anyone who has not owned property in Australia in 10 years are now eligible.
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There are location restrictions — you can buy only in regional areas. Price caps apply.
There are only 50,000 spots total per fiscal year
What if I don't have a deposit?
Whilst you may not qualify for the government guarantees, there are other lending products you may qualify for to purchase your first home without a cash deposit.
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What is a family guarantor loan?
A family member can use the unused value of their home to guarantee part of your loan and avoid needing a cash deposit.
If you’re struggling to save for a deposit, or find your dream sooner than reaching your required deposit amount, there may be other options that will get you into your first home faster.
The family member may be able to use the equity in their home to guarantee part of your loan. The guarantor should understand that if you fail to make a payment, the bank may look at them to pay the guaranteed part of your loan. As such, it’s important for all parties to seek independent financial and legal advice prior to entering a guarantee arrangement.
It’s a common option to get family members on board, either through a gift or family guarantee. This can be a great way to increase your deposit to avoid paying lender’s mortgage insurance, which is usually a requirement if you are borrowing more than 80% of the property value.
Google Reviews
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Michelle Evans
Aron is very professional and knowledgeable, was so helpful with my mortgage. He made the whole process very easy with clear communication right through to approval. I would highly recommend Aron he is an amazing broker!
Brandon Mercia
If you're looking for a broker, you cant go past Aron ! Aron has helped my family on multiple occasions and the process has always been smooth and easy, offering multiple options and has our best interest at heart. Thanks Aron
Katherine Thompson
Second mortgage with Aron and couldn’t be happier, provided options and ensured everything was smooth from application to settlement. Great communication and ideas to make the most of our options. Aron will take care of you don’t hesitate to contact him.
Any Questions?
Meet Aron Cardona
Your Local First Home Loan Specialist
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I'm a Mortgage Broker and Northern Beaches local with a passion to help everyday Australians navigate through the complexity of a mortgage to buy property.
I'm a proud father, loving husband and possessed fisherman. If I'm not with hanging with the family or fishing, I'm tucked away in the office working hard for you.
I specialise in tailoring home loan solutions fitting your needs and goals, drawing on my 14 years lending experience, as well as my own personal journey as a first-time buyer, upgrader, investor, and business owner.
I'm accredited with over 40 lenders, being a premium broker with many. I'm also partnered with other local business to help support your financial journey.
I assists clients across Australia, with a focus on the Northern Beaches suburbs of Dee Why, Frenchs Forest, Cromer, Collaroy, Narrabeen, Wheeler Heights, Allambie Heights, Beacon Hill, and Manly.