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Buying your first home can sometimes feel like a complicated and overwhelming process, which is why we make the experience as simple and smooth as possible.
To assist first home buyers in breaking into the property market, we have our pathways outlined to help realise the dream of owning your first home.
Click the button below to watch the dedicated video for our first home pathways.
| Home Guarantee Scheme*2 | |||||
| Shared Equity Home Buyer Helper*1 |
First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus*3 |
|
| Who is eligible? |
Australian citizens or permanent residents4 First home buyers employed as key workers Single parent of a dependent child or children Single person aged 50 or above Victim-survivors of domestic and family violence incident within the last 5 years |
Australian citizens or permanent residents4 Individual or joint applicants5 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years |
Australian citizens or permanent residents4 Individual or joint applicants5 Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years At least one borrower must have lived in the regional area or adjacent regional area for the previous 12 months |
Australian citizens or permanent residents4 Single parents or single legal guardians who do not currently own a property or do not intend to own a separate property when they settle on the home |
Australian citizens or permanent residents4 First home buyers |
| Purchase location | NSW only | Australia-wide | Australia-wide | Australia-wide | Australia-wide |
| Minimum deposit | 2% | 5% | 5% | 2% | 5% |
| Income threshold | Up to $93,200 for singles and $124,200 for couples | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 for singles and $200,000 for couples | Up to $125,000 | N/A |
| Property price caps | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | Yes, property price caps for the purchase location can be viewed here. | No |
| Asset limits | Yes, asset limits can be viewed here. | No | No | No | No |
| Key benefits | Home Guarantee Scheme*2 | ||||
| Shared Equity Home Buyer Helper*1 |
First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Advantage Plus*3 |
|
| Government’s contribution to equity | Yes, new home up to 40%, existing home up to 30% in exchange for an interest in the property | No | No | No | No |
| Avoid Lenders Mortgage Insurance (LMI) | Minimum 2% deposit required | Minimum 5% deposit required | Minimum 5% deposit required | Minimum 2% deposit required | Minimum 20% deposit required |
| Option of third party guarantee to avoid/reduce LMI | No | No | No | No | Yes3 |
| Annual fee | Waived | Waived | Waived | Waived | Waived |
| Establishment fee | Waived | Waived | Waived | Waived | Waived |
| Settlement fee | Waived | Waived | Waived | Waived | Waived |
| Valuation fee | Waived - for one property only | Waived - for one property only | Waived - for one property only | Waived - for one property only | Waived - for one property only |
| Unity Bank legal fee | Waived | Waived | Waived | Waived | Waived |
With high property prices it can be overwhelming for first home buyers to save for a deposit. However, there is a way to make this more achievable with the assistance of those closest to you.
Discover how a Parental Guarantee can help turn your dream of homeownership into a reality.
View our member testimonials and see how we've helped them achieve their home ownership dreams.
* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only.
** Eligibility criteria terms and conditions apply to our Unity Bank Products and scheme eligibility applies to the Government Schemes. Fees & charges may apply. Any general advice or information on this podcast 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 Disclosure Documents before acquiring any product. Unity Bank Limited. ABN 11 087 650 315. AFSL/Australian Credit Licence 240399
All information including interest rate is subject to change.
1. Unity Bank is a participating lender for the NSW Government’s Shared Equity Home Buyer Helper Scheme. Under this Government scheme, the Government can contribute up to 40% of the price of a new home or 30% for an existing home, in exchange for an equivalent interest in the property. The Government’s interest is secured by a second registered mortgage. While you remain eligible under the Scheme you do not have to make repayments towards the Government’s share, until you sell the property. The information on this page is correct at the time of publishing but may change at any time without notice to you, including as a result of changes to the Scheme by the Government. Scheme eligibility criteria also applies. Restrictions and other obligations apply after purchase. To find out more click here. Target Market Determination available here.
2. Unity Bank is authorised to offer the Australian Government’s Home Guarantee Scheme, under which the Government guarantees up to 15% of the value of the property (FHBG and RFHBG) and up to 18% for FHG. The Guarantees are not cash payments or deposits for your home loan. For more information click First Home Guarantee (PDF), Family Home Guarantee (PDF) and Regional First Home Buyer Guarantee (PDF). Target Market Determination available here.
3. Only available for first home buyers. Minimum home loan balance $150,000. Maximum loan period 30 years. Interest rate calculated daily charged monthly. For third party guarantees, credit eligibility applies to guarantor and guarantor must grant Unity Bank a mortgage over their property as security.
4. For Shared Equity Home Buyer Helper and Home Guarantee Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.
5. Joint applicants may include partners, friends, siblings, and other family members.
