What is the First Home Guarantee?
The First Home Guarantee allows eligible buyers to purchase a home with as little as a 5% deposit, without paying Lenders Mortgage Insurance (LMI).
Usually, buyers with less than a 20% deposit need to pay LMI, which can add tens of thousands to your costs. But under this scheme, Housing Australia guarantees up to 15% of the property’s value to your lender — helping you get into the market faster.
How does it work?
The scheme supports up to 35,000 guaranteed loans each financial year. You can apply for an eligible home loan through a participating lender, and you can even combine it with other government incentives like:
- The First Home Super Saver Scheme
- State or Territory first home owner grants
- Stamp duty concessions
Perfect for Land or House & Land Packages
The great news for buyers at Kinship Tarneit is that the scheme covers more than just established homes. You can use it to purchase:
- A house and land package
- Land with a separate contract to build
If you’re buying land to build on, your land needs to be titled within 90 days of loan pre-approval, and you’ll need a fixed-price building contract before construction begins.
Who’s eligible?
To apply for the First Home Guarantee, you must:
- Be an Australian citizen or permanent resident, aged 18 or over
- Earn up to $125,000 (individuals) or $200,000 combined (couples)
- Have saved at least 5% of the property’s value
- Plan to live in the property once complete
- Meet your lender’s standard loan and credit requirements
Ready to join the Kinship community?
At Kinship Tarneit, the First Home Guarantee could help you secure a lot or a house and land package sooner, and start building your future in a community designed for growing families. With parks, schools, shopping and transport all close by, Kinship offers everything you need to make your first home something truly special..