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How it works

With three guarantee options, Australian Government’s Home Guarantee Scheme could help you fast-track your client’s home.
Special rates
Access interest rates normally reserved for those with a 20% deposit.
Low deposit
With deposits as low as 2% or 5%, your client can speed up their saving time.
No Lenders Mortgage Insurance could mean thousands in savings.

Basic home loan.
No-frills rate. 

6.29 % P.A.

Variable rate

6.30 % P.A.

Comparison rate*

Rate includes 1.82% p.a. discount off our basic home loan variable rate for LVR+ above 70% up to 80%. For new Owner Occupier loans on Principal & Interest repayments^^. Credit criteria, T&Cs apply.

Is your client eligible for help?

To qualify for one of the three Home Guarantee Scheme options, your client needs to at least meet these criteria:

  • Australian citizen(s) or permanent resident(s) over 18 years old
  • Applying for an owner occupier home loan with Principal & Interest repayments
  • Taxable income up to $125k (single applicants) or $200k (joint applicants), based on the latest financial year's Notice of Assessment
  • First-time homebuyer or a previous homeowner who hasn't owned a home in the last 10 years (First Home Guarantee or Regional First Home Buyer Guarantee). 
  • Or a single parent or single legal guardian with at least one dependent child, and they don’t currently own a home, or they will not own a separate property upon settlement of their new home (Family Home Guarantee)
  • Min 2% deposit (Family Home Guarantee) or min 5% deposit (First Home Guarantee or Regional First Home Buyer Guarantee).

Which guarantee would suit your client?

Family Home Guarantee: min 2% deposit and no LMI

About your client
  • Single parent or single legal guardian with at least one dependent child
  • Australian citizen or permanent resident over 18 years old
  • First home buyer or previous home buyer who doesn’t currently own property, or who doesn't own a separate property when settling on their new home
  • A taxable income up to $125k based on latest financial year Notice of Assessment
What sort of home can they buy?

Any residential property in Australia priced below the property price caps. Properties include:

  • Existing or newly-built property
  • Off-the-plan property
  • Vacant land with a fixed price contract to construct a residence
  • House & land package
What type of home loan can they apply for?
  • An owner occupier home loan
  • A loan with a term up to 30 years (includes construction phase of up to two years if building a new home)
  • A loan on Principal & Interest repayments (except during the construction phase, if building a new home)



If your client's loan is supported by a guarantee under the Home Guarantee Scheme, there's no need for them to pay LMI.

LMI can cost thousands, so they'll make significant savings.

The bank for first home buyers

Awarded at RFi Group Australian Lending Awards 2021 for Best First Home Buyer Lender.

Need some help but don’t know where to start?

The first port of call is to contact your Aggregator or a Business Development Manager (BDM) from your State or Territory. Or call our Broker Hotline.


Call the Broker Hotline, Monday to Friday:
8.30am-5pm (ACDT), 8.30am-5:30pm (AEDT) 

The Detail

^Home Guarantee Scheme eligibility criteria apply. Conditions, credit criteria, fees and charges apply. Based on Bank of Melbourne credit criteria, residential lending is not available for Non-Australian Resident borrowers. This info has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the info and, if necessary, seek appropriate professional advice.

Key Fact Sheet for Home Loans

Advantage Package – Terms and Conditions (PDF 179KB)

Once our allocation of loans under the scheme has been exhausted, standard lending approval criteria, including the need for LMI and LDP where appropriate, will apply.

To find out more visit the Home Guarantee Scheme website.

+LVR stands for the initial loan to value ratio at loan approval. LVR is the amount of your loan compared to the banks valuation of your property offered to secure your loan expressed as a percentage. Home loan rates for new loans are set based on the initial LVR and don’t change because of changes to the LVR during the life of the loan. Any applicable LVR discount has been included in the advertised eligible rate.

*Advantage Package: Terms & Conditions (PDF 179KB) apply. A $395 annual package fee applies and is payable from an eligible Bank of Melbourne transaction account. Before deciding to acquire a Bank of Melbourne transaction account, read the terms & conditions, and consider if the product is right for you.

#Basic Home Loan Promotional Rates:

^^Basic Home Loan Promotional Principal and Interest Rate: This offer is only available for new Owner Occupier Basic Home Loan applications with Principal and Interest repayments received from 24/11/2023. Discount applies to our Basic Home Loan offer for the life of the loan. Excludes internal refinances and switches within the Westpac Group, which includes Westpac, St.George, Bank of Melbourne, BankSA and RAMS. This offer may be varied or withdrawn at any time. Interest rates subject to change.

This information's been prepared without taking your clients objectives, needs and overall financial situation into account. For this reason, your client consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.