Saving for a deposit can be one of the biggest challenges of buying your first home. The First Home Guarantee Scheme helps by making it possible with as little as 5%.

In this episode, Jack Elliott and Chris Bates break down how the scheme works, who’s eligible, and the key benefits and trade-offs to be aware of. They also cover the Family Home Guarantee, giving you a full picture of the options available.

You’ll learn about property price caps, income limits, and the important changes coming in October 2025.

This scheme is one of the strongest pathways available for first home buyers. We’ll show you how it works and how it could help you step into your home sooner.

In this episode:

🔑 How the First Home Guarantee works

🔑 Who’s eligible and what types of properties qualify

🔑 The Family Home Guarantee explained

🔑 Property price caps, income limits, and the October 2025 changes

🔑 The benefits, risks, and how to decide if this scheme is right for you

Timestamps

00:00 – Introduction and overview of today’s topic

02:15 – What the First Home Guarantee actually is and how it works

03:44 – What the government guarantee does (and doesn’t) cover

04:25 – Why the scheme is a big deal for first home buyers

06:25 – Eligibility requirements for the First Home Guarantee

07:57 – Upcoming October 2025 changes: income caps removed

08:38 – Market impacts of the upcoming changes

10:38 – Refinancing rules under the scheme

13:03 – Deposit requirements and genuine savings rules

14:05 – Other upfront costs beyond the deposit (stamp duty, fees, inspections)

15:31 – Should you contribute more than 5% or hold back a buffer?

17:03 – How lenders view extra cash and buffers

18:12 – Reserving and holding your scheme spot with pre-approval

19:11 – What types of properties qualify and price cap rules

20:15 – Price cap increases from October 2025 and what that means

22:56 – The Family Home Guarantee explained (2% deposit for single parents/guardians)

24:37 – Key insights from the 2023–24 Housing Australia Scheme Report

25:28 – Major changes coming in 2026: income caps, price caps, and place limits

25:55 – Final advice for buyers considering the scheme

26:31 – Wrap-up and next week’s preview: shared equity schemes

Unlock your Free Resources

First Home Guarantee Scheme Resource

Property Price Cap Tool

Price Cap Changes Resource

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