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First Home Guarantee

First Home Guarantee: what it costs, how it works, and who it is not for. Every figure carries the source it came from and the date it was read.

What is first home guarantee, and who is it for?

First Home Guarantee is set by each lender's own credit policy, and the policies differ more than the marketing does. Money Brain has not yet published a lender-by-lender position on this, so this page explains the mechanism and names nothing it cannot source. What is here was read at source and dated.

How current is this page?

Every figure on this page carries the source it came from and the date it was read. Where a lender-by-lender position has not been read at source, the page says so rather than repeating something from memory. Lender policy changes quietly and often.

What decides your answer

What the scheme actually does

What the scheme actually does is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What you need to qualify

What you need to qualify is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

How much deposit you really need

How much deposit you really need is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What decides your answer

The four reasons applications fail

The four reasons applications fail is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

Places, and how quickly they go

Places, and how quickly they go is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

Passing the scheme and failing the lender

Passing the scheme and failing the lender is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What decides your answer

If your purchase falls through

If your purchase falls through is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

Which lenders take scheme applications

Which lenders take scheme applications is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

The price caps, by city and region

The price caps, by city and region is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What decides your answer

Scheme, guarantor or paying the LMI

Scheme, guarantor or paying the LMI is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

When paying the LMI beats waiting for a place

When paying the LMI beats waiting for a place is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What to do next, in order

What to do next, in order is decided by the lender's own policy rather than by a general rule, and Money Brain has not published a position it has not read. What is certain is the mechanism: the answer turns on your own numbers and on which lender is asked, which is what a short call settles.

What actually happens

1

Your position checked against policy

2

Borrowing power on real numbers

3

A lender chosen for the structure

4

Pre-approval, then the search

5

See the recommendation, then decide

6

Valuation, then formal approval

7

Documents signed, then settlement

Questions

Scheme, guarantor or paying the LMI depends on the lender's own policy and on your numbers. Money Brain does not publish a lender position it has not read at source, so the honest answer here is the mechanism rather than a name — and the call gives you the name.

Sources and check dates

Every claim on this page carries the document it came from and the date Money Brain read it. Where no document has been read, the page says so rather than stating a position.

Who wrote this page

Darren Parker, Credit Representative 501592, authorised under Australian Credit Licence 389328. Every figure here was read at source and dated. If a lender's position has changed since the date shown, tell him and it is corrected.

See where you stand before you decide anything

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Updated 13 September 2026