First Home Buyers

Looking to borrow but don’t have a deposit? A guarantor loan may be an option to explore. This type of loan involves a family member or close friend agreeing to support your application by guaranteeing the loan—meaning they commit to covering repayments if you’re unable to.

In some cases, a guarantor loan can help you access funds without needing a deposit, depending on the lender’s criteria. It can be a helpful stepping stone toward purchasing a home or securing personal finance, but it’s important to understand that this is a serious commitment for both the borrower and the guarantor.

As with any loan, eligibility and outcomes vary, so it’s important to seek independent financial advice to decide if this option is right for your circumstances.

The First Home Owner Guarantee (FHBG) may help eligible first home buyers purchase a home sooner, without needing the usual 20% deposit. Under this government initiative, a portion of your home loan is guaranteed, allowing you to secure a property with as little as 5% deposit (subject to lender and program criteria). It’s designed to make entering the property market more achievable—but places are limited and conditions apply, so it’s important to check if you’re eligible and understand the full details before applying.

The First Home Owner Grant (FHOG) is a one-off government payment that may be available to eligible first-time buyers purchasing or building a brand-new home. Grant amounts and eligibility criteria vary between states and territories, but it can offer valuable financial assistance when taking your first step onto the property ladder. As with all government schemes, terms apply, so it’s a good idea to check the latest requirements for your location and seek advice before relying on the grant as part of your budget.