Have a question about our home loans? We may have your answer. Check out our Frequently Asked Questions here.
The FHBG is an Australian Government initiative that supports eligible home buyers to purchase an existing home with a deposit of as little as 5% without the need for Lender's Mortgage Insurance (LMI). Housing Australia will then provide a guarantee to the lender covering up to 15% of the property’s value. There will be up to 35,000 loans this financial year. The FHBG can help you buy your home sooner with a smaller deposit.
Gateway Bank is one of the select lenders able to offer access to the Family Home Guarantee. The Family Home Guarantee (FHG) is for eligible single parents and eligible single legal guardians of at least one dependent, such as aunts, uncles or grandparents. Applicants can include those who are not first home buyers, with a deposit of as little as 2%, without the need for Lenders Mortgage Insurance (LMI). Housing Australia will then provide a guarantee to the lender covering up to 18% of the property’s value.
Gateway Bank is one of the select lenders able to offer access to the Regional First Home Buyer Guarantee. The purpose of the Regional First Home Buyer Guarantee (RFHBG) is to help eligible regional home buyers to buy a home sooner, in a regional area, with a deposit of as little as 5%, without the need for Lenders Mortgage Insurance (LMI). Housing Australia will then provide a guarantee to the lender covering up to 15% of the property’s value. To be eligible, you must have lived in the regional area or adjacent regional area you are purchasing in for the preceding 12 month period to the date you execute your home loan agreement.
Things you should know:
Please note that the number of available Scheme places are limited each financial year and applying with Gateway Bank does not guarantee a successful application. The following waterfall of Guarantees will be applied by Gateway Bank:Where a borrower is eligible for the RFHBG or Family Home Guarantee (FHG), they are not eligible under the First Home Buyer Guarantee (FHBG)
Where a borrower is eligible for both the RFHBG or FHG, Gateway may determine the Guarantee to be applied.
Rates advertised apply to principal and interest repayment types only. Gateway reserves the right to vary these interest rates at any time. 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.