The New Home Guarantee, formally known as the First Home Loan Deposit Scheme (New Homes), is an initiative from the Federal Government to help first home buyers to build or purchase a new home with as little as a 5% deposit without the need for Lenders Mortgage Insurance, also known as LMI. Gateway Bank is proud to be helping first home buyers get on the property ladder faster, while also saving them the cost of LMI.
Places on the New Home Guarantee are limited. Please register your interest with Gateway Bank to secure your place*.
Please note that these places are in addition to the First Home Loan Deposit Scheme with separate eligibility criteria.
In the 2021-2022 Federal Budget, the Australian Government announced an additional 10,000 New Home Guarantee places for the 2021-22 financial year, specifically for eligible first home buyers purchasing or building a new home. These additional places are known as the New Home Guarantee, or NHG.
The New Home Guarantee allows eligible first home buyers to build or purchase a new home with a deposit of between 5 to 20% of the property’s value (eligibility criteria applies). The National Housing Finance and Investment Corporation (NHFIC), which oversees the Scheme, will then provide a guarantee to the lender covering up to 15% of the property’s value.
The NHFIC has appointed Gateway Bank to offer loans to be guaranteed under the New Home Guarantee, which will support up to 10,000 loans this financial year. Apply now to secure your New Home Guarantee place with Gateway Bank.
Find out if you meet the New Home Guarantee's eligibility criteria. Please note that this tool is provided as a guide only and does not guarantee that you will receive either a NHG place or a loan from Gateway Bank.
Things you should know:
Please note that the number of available New Home Guarantee places are limited, only available this financial year and applying with Gateway Bank does not guarantee a successful application.
Rates advertised apply to principal and interest repayment types only. Interest rates quoted are for new lending only. Existing borrowers should contact Gateway to discuss their requirements. Comparison rates are calculated based on a loan amount of $150,000 over a 25 year term. WARNING: Comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Applications for finance are subject our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
* Eligibility criteria applies
1 Variable rate special offers are available for a limited time only and may be varied or withdrawn at any time. The offer is available for new loans and top ups, minimum loan amounts apply.