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Home Loan Variable: 5.94% (5.95%*) • Home Loan Fixed: 5.79% (6.39%*) • Fixed: 5.79% (6.39%*) • Variable: 5.94% (5.95%*) • Investment IO: 6.14% (6.58%*) • Investment PI: 5.99% (6.61%*)

First Home Guarantee Scheme Changes

In April the Federal government announced First Home Guarantee Scheme Changes. From July 1 2023, friends, siblings and other family members will be able to jointly apply for the First Home Guarantee and Regional First Home Guarantee. They will be extended to non-first-home buyers who have not owned a property in the past 10 years.

The biggest change is permanent residents are now eligible, not just citizens!


All of this is part of the federal government’s promise to help ease the affordability crisis we are seeing.

The biggest challenge with this is going to be finding a property under the price cap and the government has not announced if the price cap will increase for the 23-24 financial year.

In New South Wales, the price cap of $900,000 for capital cities and regional centres, and $750,000 for the rest of the state means that options may be more limited than many buyers would like but if you are committed you’ll be able to find a place and make it work. Remember this isn’t meant to be a long-term solution, it’s a short-term one while you build up your equity.


To apply for the First Home Guarantee (FHBG) after the changes come through on July 1, home buyers must be:  

  • an Australian citizen(s) or permanent resident at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office) 
  • have a minimum 5% deposit saved (2% for the family home guarantee)
  • intending to be owner-occupiers of the purchased property  
  • first home buyers who have not previously owned, or had an interest in, a property in Australia or home buyers who have not owned a property in the last 10 years.
  • Able to secure a loan with a participating lender.

To check if a property you are considering purchasing will be eligible for the scheme check with the price cap tool at you can find a table that breaks down the price cap per state or you can choose to narrow your search by postcodes.

We will have to wait until the site is updated for the 23-24 financial year but these changes should bring a lot of buyers into eligibility. There is an eligibility quiz on the website.


First Home Guarantee and Family Home Guarantee Property Price Cap Table

State Capital City and Regional Centre* Rest of State
NSW $900,000 $750,000
VIC $800,000 $650,000
QLD $700,000 $550,000
WA $600,000 $450,000
SA $600,000 $450,000
TAS $600,000 $450,000
Territory All areas
ACT $750,000
NT Regional $600,000
Jervis Bay Territory & Norfolk Island $550,000
Christmas Island and Cocos (Keeling) Islands $400,000

Regional First Home Buyer Guarantee Property Price Cap Table

State# Regional Centre* All other Regional Areas
NSW $900,000 $750,000
VIC $800,000 $650,000
QLD $700,000 $550,000
WA $450,000
SA $450,000
TAS $450,000
Territory# Regional area
ACT Not applicable
NT Regional $600,000
Jervis Bay Territory & Norfolk Island $550,000
Christmas Island and Cocos (Keeling) Islands $400,000


The biggest challenge we see will be finding the best loan available for participants given that there are 32 lenders to choose from. Your best bet is to work with a mortgage broker who is able to understand your circumstances and then match you to the right lender. 

For help with this process get in touch with the team at Mortgage World Australia, call 1300 661 211 or go to and fill out the form. We’ve been helping clients deal with this painlessly since the Home Guarantee Scheme was first announced. We are sure we can make your journey to homeownership as fast and easy as possible.


And when you finally decide. Here’s a 9-step guide to buying your home!

9 step process of buying a house

Ask us a question and we will get back to you within 1 working day

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