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First Home Guarantee

Purchase your home with a deposit of as little as 5% with no cost of Lenders Mortgage Insurance. Talk to us today to find out if you are eligible.

Help for home buyers

The Mutual Bank is one of a limited number of participating lenders appointed by Housing Australia to offer the Australian Government’s First Home Guarantee (FHBG).

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible home buyers purchase a home sooner.

The FHBG is open to eligible buyers over the age of 18 who are Australian Citizens or permanent residents.

Home Guarantee Scheme Eligibility Criteria apply. The Eligibility Tool on the Housing Australia website helps home buyers to determine which guarantee/s they may be eligible for.

You can find more information about the FHBG on the Housing Australia website.

Eligible First Home Guarantee applicants must have a minimum 5% deposit and can include first home buyers or previous home owners who have not owned a property in the 10 years prior to the date they execute their home loan.

Our specialist banking team are the experts in helping local first home buyers achieve home ownership. Talk to us today to apply for a place in the First Home Guarantee.

We are here to help you through the application process. There is no question too big or too small – talk to us today on 1300 688 825.

Our Borrowing Power Calculator enables you to calculate how much you can expect to borrow based on your current salary and existing financial commitments. If you haven’t purchased a home before there might be some costs you are not yet aware of such as Stamp Duty (if applicable), legal or conveyancing fees and loan establishment fees.

Our Budget Planner and Savings Planner calculators are great tools to help build your deposit.

Lenders Mortgage Insurance (LMI) is a one-off premium added to your home loan if you do not have a 20% deposit. It is an insurance policy which covers the lender against the losses they may suffer if the borrower can no longer pay loan repayments. If a borrower defaults on their mortgage, LMI means the lender can recover what is owed to them by repossessing the property the home loan is tied to. If the property’s value has fallen, the lender can suffer a loss. This is the risk LMI covers.

Learn more about Lenders Mortgage Insurance

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Important Information

Eligibility criteria, terms and conditions apply to the First Home Guarantee.  Eligibility criteria, terms, conditions, fees, and charges apply to all loans and are available on application.

    

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Any advice or information on this site does not take into account your personal objectives, financial situation, or needs and you should consider whether it is appropriate for you. Please review our Product Disclosure Statement, Target Market Determinations, Terms and Conditions, Financial Services Guide, and Credit Guide before deciding to acquire a product.

Information is current as at date of appearance and is subject to change. Eligibility and lending criteria, conditions, fees, and charges apply to all loans. Interest rates, fees, and charges may change without notice. Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 AFSL/Australian credit licence 238139.

The Mutual Bank acknowledges the Traditional Custodians of Country across Australia and recognises their continuing connection to lands, waters and communities. We pay our respects to Aboriginal and Torres Strait Islander cultures and to Elders past and present.