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First Home Guarantee

Get into your own home sooner

Caring for 2.5 million customers
$320 million reinvested back into local communities
Australia’s most satisfied home loan customers*

First Home Guarantee available to more Australians

The First Home Guarantee is now available to Australian permanent residents, as well as people who have not owned property in Australia in the last 10 years. Joint applications will also now be accepted from friends and family members – it’s no longer limited to only single applicants, married or de facto couples.

Welcome news for home buyers

With as little as 5% deposit, eligible first home buyers, and people who have not owned property in Australia in the last 10 years, have the opportunity to purchase a property through the First Home Guarantee. Designed to get more Australians into their own home, the Guarantee acts by lowering the deposit you need to take out a home loan.

Here’s how it works

Usually home buyers need to have saved 20% of the value of their property as a deposit. Alternatively, buyers need to take out Lenders Mortgage Insurance (LMI), to cover the risk of having a lower deposit.

Eligible applicants of the First Home Guarantee only need a 5% deposit.  The Australian Government guarantees up to 15% of the value of the property for eligible customers with Bendigo Bank.

This means you can buy your own home sooner, and be exempt from paying LMI, which can potentially save you thousands.

With the latest round of applications for the Guarantee now open, we are once again proud to be a participating lender in this great initiative.

Am I eligible?

  • You need to be an Australian citizen or permanent resident, at least 18 years old, with a Medicare card;
  • You need to be a first home buyer or have not owned property in Australia in the last 10 years, and be looking to buy a property that you will live in;
  • You need to be able to demonstrate your ability to save over time, with a minimum 5% deposit saved for the property you wish to buy.
  • You must meet the income eligibility requirements, which are single buyers earning up to $125,000, or a couple/family members/friends earning up to $200,000 per year.
  • There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use Housing Australia's property price caps tool to work out the maximum property purchase price in the area you're interested in under the Guarantee.

We're here to help you with your application

If you meet the eligibility criteria the next step is to reach out to our team who can assist with your application. Complete our simple online enquiry form and a team member will be in contact with you shortly.

Get home and contents insurance worth having

Insurance you can rely on is worth its weight in gold. Help protect your home by making sure you have adequate cover in place. We offer a range of options, great payment flexibility, and we have a dedicated insurance team who can assist you.

The application process

Check your eligibility

Check your eligibility for the Scheme using Housing Australia's online tool for singles and couples

Make an appointment

Enquire online and a Bendigo team member will be in contact shortly to assist you with your application

Buy your home

Purchase a property within the price threshold for the area you're interested in under the Guarantee.

Move in

Move into your new home! Check out our tips to assist you with your move. 

Things you should know

* Roy Morgan Single Source Data 2024

Terms and conditions, fees, charges, eligibility and lending criteria apply. Full details available on application. All information is correct as at 1 July 2023 and is subject to change without notice. 

Target Market Determinations for products are available.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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