Home Guarantee Scheme for your customers
How can we help get your client into their own home sooner?
With the Australian Government initiated Home Guarantee Scheme, your clients could fast-track their home ownership dreams with one of three guarantee options.
Competitive rate
Benefit from interest rates normally reserved for deposits of 20% or more.
Low deposit
Shave years off the usual time it would take to save a deposit.
No LMI
No Lenders Mortgage Insurance means they could save thousands.
Is your client eligible for help?
Your client will need to meet at least the following criteria to be eligible for a guarantee under the Home Guarantee Scheme:
- Australian citizen(s) or permanent resident(s) over the age of 18
- Applying for an owner occupier home loan with principal and interest repayments
- Taxable income of no more than $125k (single applicants) or $200k (joint applicants) based on prior financial year Notice of Assessment
- First home buyer or previous home buyer who hasn't owned a home in the past 10 years (First Home Guarantee or Regional First Home Buyer Guarantee) or single parents or single legal guardians with at least one dependent child who don’t currently own a home (Family Home Guarantee)
- Minimum 5% deposit (First Home Guarantee or Regional First Home Buyer Guarantee), or minimum 2% deposit (Family Home Guarantee)
Which guarantee would suit? Who is your client?
- Single parent or single legal guardian with at least one dependent child
- Eligible home buyer purchasing in a regional area
- Eligible home buyer purchasing a home sooner
Family Home Guarantee: minimum 2% deposit and no LMI
Who is your client?
- Single parent or single legal guardian with at least one dependent child
- Australian citizen or permanent resident over the age of 18
- First home buyer or previous home buyer who doesn’t currently own a property or who doesn't own a separate property when they settle on their new home
- A taxable income of no more than $125k based on last financial year Notice of Assessment
What type of home can they purchase?
Any type of residential property in Australia priced below the property price caps. Properties include:
- Existing or newly built property
- Off-the-plan property
- Vacant land with a contract to construct a residence
- House and land package
What type of home loan could they apply for?
- Home loan for an owner occupier
- Home loan term of up to 30 years (this includes the construction phase of up to two years if building a new home)
- Home loan with principal and interest repayments (except during construction phase, if building a new home)
Frequently asked questions
Lenders Mortgage Insurance (LMI) will NOT be applicable if your client’s loan is supported by a guarantee under the Home Guarantee Scheme. As they’ll not be required to pay LMI, even though their deposit may be as low as 2% (Family Home Guarantee) or 5% (First Home Guarantee or Regional First Home Buyer Guarantee), they’ll make significant savings.
Need some help but don’t know where to start?
The first port of call is to contact your Aggregator or a Business Development Manager (BDM) from your State or Territory. Or call our Broker Hotline.
Call the Broker Hotline, Monday to Friday:
8.30am-7pm (AEST)
8.30am-8pm (AWST)
How we help you, help your clients
Quick tips, handy tools, and options
Home loan calculators
Things you should know
Home Guarantee Scheme eligibility criteria apply. Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers.
This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice.
Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.