More borrowers will be able to apply for the federal government’s Home Guarantee Scheme, with 40,000 new places now available.

The Home Guarantee Scheme includes the First Home Guarantee (FHBG), previously known as the First Home Loan Deposit Scheme, and the Family Home Guarantee (FHG).

The First Home Guarantee’s available places will now by 35,000 per financial year, up from the previous annual allocation of 10,000.

Meanwhile, the Family Home Guarantee will have an annual allocation of 5,000 places from 1 July 2022 until 30 June 2025.

According to the National Housing Finance and Investment Corporation (NHFIC) that administers the Home Guarantee scheme, the program has helped more than 61,000 Australians purchase, or build a home.

On top of the 40,000 places for the Home Guarantee Scheme, 10,000 places are available for the Regional First Home Buyer Support Scheme.

Changes to property price caps, lender panel

For the new financial year, the Home Guarantee Scheme will have increased price caps for both cities and regions.

Here are the new price caps:


FY 2022-23 

Home Guarantee Scheme price cap ($AUD)  
Effective 1 July 2022

NSW-capital city, regional centres (Newcastle, Lake Macquarie & Illawarra) 




VIC-capital city, regional centres (Geelong)  




QLD-capital city, regional centres (Gold Coast & Sunshine Coast) 




WA-capital city  


WA- other  


SA- capital city 


SA- other  


TAS- capital city 


TAS- other 




Northern Territory 


Jervis Bay Territory & Norfolk Island 


Christmas Island & Cocos (Keeling) Island 


Meanwhile, the lender panel was expanded — along with Commonwealth Bank and NAB as the two major lenders, over 30 non-major players will be able to provide the scheme to their clients.

  1. Australian Military Bank
  2. Australian Mutual Bank
  3. Auswide Bank
  4. Bank Australia
  5. Bank First
  6. Bank of Heritage Isle
  7. Bank of Us
  8. bcu
  9. Bendigo Bank
  10. Beyond Bank Australia
  11. Border Bank
  12. Community First
  13. Credit Union SA
  14. Defence Bank
  15. Firefighters Mutual Bank
  16. G&C Mutual Bank
  17. Gateway Bank
  18. Great Southern Bank
  19. Health Professionals Bank
  20. Indigenous Business Australia
  21. Illawarra Credit Union
  22. IMB Ltd (trading as IMB bank)
  23. Mortgageport
  24. MyState Bank
  25. Newcastle Permanent Building Society
  26. P&N Bank
  27. People's Choice
  28. Police Bank
  29. Q Bank
  30. Queensland Country Bank
  31. Regional Australia Bank
  32. Teachers Mutual Bank
  33. The Mutual Bank
  34. UniBank
  35. Unity Bank Limited
  36. WAW

Big boost to homebuyers

NAB executive for homeownership Andy Kerr said both younger and solo buyers are getting a foot on the property ladder sooner thanks to the Home Guarantee Scheme.

“People going at it alone shouldn’t be disadvantaged and we are seeing the Scheme help them buy a property,” Mr Kerr said.

“With a backdrop of house price growth slowing and in Sydney and Melbourne where it is going backwards, there is some relief in sight for first home buyers.”

And with flexible working arrangements, Mr Kerr said first-home buyers have more choice of locations, as regional markets become viable.

“In an uncertain market, it has never been more important to have confidence to buy. Getting a fast decision from your bank on a loan is absolutely crucial,” he said.

Photo by @4dgraphic on Unsplash.