First Home Guarantee Opens the Door to More Buyers
More higher-income Australians are taking advantage of the Australian government's First Home Guarantee, according to new Housing Australia figures.
Between October and April, almost 40,000 first home buyers used the scheme, with almost one in three earning above its former income limits after the income caps were removed last year. Eligible buyers in Sydney can purchase properties worth up to $1.5 million by putting down just a 5% deposit and avoiding lender's mortgage insurance.
The figures highlight that the First Home Guarantee is now supporting a broader range of buyers than it once did. Those who previously assumed they earned too much to qualify may benefit from checking their eligibility, particularly in the Sydney property market.
The Help to Buy Scheme also entered a new funding year on 1 July, with 10,000 places available for the 2026–27 financial year. Under the shared equity scheme, eligible buyers can purchase with as little as a 2% deposit. Income limits have also increased to $103,000 for singles and $165,000 for joint applicants and single parents, allowing more Australians to pursue homeownership.
About the author – Alex Veljancevski is a Sydney Mortgage Broker with Eventus Financial, which assists first home buyers, investors, upgraders and borrowers seeking to refinance to a better deal on their home loan.
