What is the difference between the first home guarantee and the family home guarantee?

 

 

First Home Guarantee

First Home Guarantee

Minimum deposit

5%

2%

Property type

New and existing homes

New and existing homes

Number of Places

35,000 places

From 1 July 2024 to 30 June 2025

5,000 places

From 1 July 2024 to 30 June 2025

Borrower eligibility

Single and couple applicants

Single parent with at least one dependent child

Purchasing history

Must be first home buyers, or haven't had an interest in a property in 10 years +

First home buyers/previous homeowners, but can only own 1 home at time of settlement