How the First Home Guarantee works in 2026
- Buy with a 5% deposit and the government guarantees the gap to 20%, so you avoid LMI.
- Income caps and place limits were removed in the 2025–26 expansion.
- Property price caps still apply and vary by region (in Sydney, up to $1.5m).
The catches most people miss
- You still have to save the 5% deposit yourself — and cover stamp duty and legals on top.
- It tends to push prices up in the brackets first buyers shop in.
- A smaller deposit means more interest over the loan, and a real risk of negative equity if prices dip.
- It’s first home buyers only — no help if you’re making a fresh start.
The no-deposit alternative: Springboard Homes
Springboard uses a community fund that covers your deposit and the upfront costs (legals, stamp duty) — so you don’t spend years saving. A normal home loan from an accredited lender covers the rest, arranged through our licensed broker team. You make repayments for five years (a bit above rent), then refinance and own your home.
Open to first home buyers and people making a fresh start, Australia-wide. No savings needed — just a combined income around $150k, steady employment, clean credit, and Australian citizenship.
Check if you qualify · How Springboard works
Springboard Homes provides general information only and is a facilitator — not a lender, mortgage broker, financial adviser or financial planner. This is not financial or credit advice. Government scheme details can change; confirm current eligibility and seek advice from a licensed professional.