Guides · First home buyers
Government schemes, made clear
There is real help out there for first home buyers. Here are the three federal government schemes worth knowing, clearly laid out, with links straight to the official tools.
5% deposit · No LMI
First Home Guarantee
Buy with a 5% deposit and skip Lenders Mortgage Insurance.
What it is
You buy with as little as a 5% deposit and the federal government guarantees part of your loan, so you avoid Lenders Mortgage Insurance (LMI). You own 100% of the home. The government simply acts as a guarantor to your lender, a bit like a parental guarantor would, and does not own any share of your property.
Who it is for
- First home buyers who will live in the home
- Australian citizens or permanent residents
- Within the income and property price limits (check the eligibility tool)
Eligible single parents and single legal guardians may buy with as little as a 2% deposit under the related Family Home Guarantee.
Shared equity
Help to Buy
The government chips in, so you borrow less.
What it is
A shared equity scheme where the federal government contributes towards the purchase price of your home in return for an equity share. That means a smaller loan and a smaller deposit. Over time you can buy back the government's share as your situation improves.
Who it is for
- First home buyers, and some people who do not currently own a home
- Owner-occupiers within the income and property price limits
- Check the eligibility tool for the current caps and places
Because the government holds an equity share, they share in the value of the home until you buy their portion back.
Save through super
First Home Super Saver Scheme
Save your deposit inside super, with a tax advantage.
What it is
This scheme lets you save for your deposit by making extra voluntary contributions into your super, then withdrawing those contributions (plus associated earnings) to put toward your first home. Because money inside super is generally taxed at a lower rate, it can help your deposit grow a little faster.
Who it is for
- First home buyers who make voluntary super contributions
- You have not owned property in Australia before (limited exceptions apply)
- Contribution and withdrawal limits apply
Side by side
Compare the three schemes
A quick overview. The right fit depends on your deposit, income and goals, which is exactly what a discovery call sorts out.
| At a glance | First Home Guarantee | Help to Buy | First Home Super Saver Scheme |
|---|---|---|---|
| Your deposit | From 5% (2% for single parents) | From 2% | Grows your deposit |
| Government’s role | Guarantees part of your loan · no ownership share | Takes an equity share (up to 30% existing, 40% new) | Tax concession on eligible super savings |
| Key benefit | No Lenders Mortgage Insurance | Borrow less, lower repayments | Save your deposit faster, tax-effectively |
| Best for | Buyers with a small deposit who want to own 100% | Buyers who need a smaller loan to make it work | Buyers still saving who want an edge on their deposit |
Not sure which fits you?
Let’s find your best path in
In a free discovery call we will check which schemes you qualify for and build a plan around the one that gets you into your first home soonest.
The information on this page is general in nature and does not take your personal circumstances into account. It is not credit or financial advice. Eligibility, caps and scheme details are set by the Australian Government and can change, so always confirm the current details using the official links above or speak with us. McAllister Financial Pty Ltd trading as First Home Buyers Bible Australia · Australian Credit Licence (ACL) 387025 · Credit Representative Number 519557.