Eligibility Criteria |
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| Home Guarantee Scheme*5 | ||||||
| Victorian Homebuyer Fund*4 | First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Home Loan* |
Guarantor Loan Option | |
| Who is eligible? |
Australian or New Zealand citizens or permanent Australian residents6 |
Australian citizens or permanent residents6 Individual or joint applicants7 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 applicants7 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 residents6 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 residents6 First home buyers |
Australian or New Zealand citizens or permanent Australian residents6 |
| Purchase location | Victoria only | Australia-wide | Australia-wide | Australia-wide | Australia-wide | Australia-wide |
| Minimum deposit | 5% for eligible applicants, 3.5% for eligible Aboriginal and Torres Strait Islander applicants | 5% | 5% | 2% | 5% | N/A |
| Income threshold | Up to $135,155 for individuals (excluding single parents) and $216,245 for single parents and joint applicants | 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 | 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 |
No |
Key benefits |
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| Home Guarantee Scheme*5 | |||||
| Victorian Homebuyer Fund*4 | First Home Guarantee (FHBG) |
Regional First Home Buyer Guarantee (RFHBG) | Family Home Guarantee (FHG) |
First Home Buyer Home Loan* |
|
| Rates |
5.74% p.a.
Variable Rate (Comparison Rate 5.74% p.a. ) Owner Occupied | Principal & Interest |
5.74% p.a.
Variable Rate (Comparison Rate 5.79% p.a. ) Owner Occupied | Principal & Interest |
5.74% p.a.
Variable Rate (Comparison Rate 5.79% p.a. ) Owner Occupied | Principal & Interest |
5.74% p.a.
Variable Rate (Comparison Rate 5.79% p.a. ) Owner Occupied | Principal & Interest |
5.74% p.a.
Variable Rate (Comparison Rate 5.79% p.a. ) Owner Occupied | Principal & Interest |
| Government’s contribution to equity | Yes, up to 25% for eligible applicants, 35% for eligible Aboriginal and Torres Strait Islander applicants in exchange for an equivalent share in the property | No | No | No | No |
| Avoid Lenders Mortgage Insurance (LMI) | Yes, minimum 5% deposit required for eligible applicants, 3.5% for eligible Aboriginal and Torres Strait Islander applicants | Yes, minimum 5% deposit required | Yes, minimum 5% deposit required | Yes, minimum 2% deposit required | Yes if 20% deposit or with Get Ahead Start Guarantor option |
| Get Ahead Start Guarantor option (borrow up to 100% LVR) | No | No | No | No | Yes |
| Annual fee | $0 | $0 | $0 | $0 | $0 |
| Establishment fee | $0 | $0 | $0 | $0 | $0 |
| Settlement fee | $0 | $0 | $0 | $0 | $0 |
| Valuation fee | Waived | Waived up to $1000 | Waived up to $1000 | Waived up to $1000 | Waived up to $1000 |
4 Unity Bank is a participating lender for the Victorian Homebuyer Fund, an initiative of the Victorian Government under which the Government contributes up to 25% (up to 35% for Aboriginal and Torres Strait Islanders) of the price of the property for eligible applicants buying eligible properties, in exchange for an equivalent interest in the property secured by a 2nd mortgage, and Unity Bank lends the balance purchase price, less the deposit, secured by a 1st mortgage. Terms and conditions, fees and charges, Scheme eligibility criteria and lending criteria apply. Full details available on application. All information is correct as at 18 November 2024 and subject to change. Target Market Determination available here.
5 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.
6 For the Victorian Homebuyer Fund and Home Guarantee Scheme, permanent residents include New Zealand citizens.
7 Joint applicants may include partners, friends, siblings, and other family members.
* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only.
Eligibility criteria, terms and conditions and fees and charges apply. All information including interest rate is subject to change. All information including interest rate is subject to change.
