Concerns About Interest Rates? 

Will I encounter elevated interest rates with the First Home Guarantee? 

• No, participating lenders provide the same rates as standard mortgages. 

Challenges with Repayments? 

What options are available if I can’t afford my repayments? 

• Contact your lender early; explore available choices under standard lending arrangements. 

Inquiry About Discounted Rates? 

Can I secure discounted interest rates under the First Home Guarantee? 

• Work with a mortgage broker to negotiate competitive rates via a pricing request. 

Clarifications on Eligibility: 

Is my spouse’s partner visa status a qualification for the scheme? 

• Unfortunately, the scheme is exclusively for Australian citizens. 

Questions Regarding Property Type and Ownership: 

Is it possible to use the scheme to build my own home? 

• No, owner-builder contracts do not qualify. 

Understanding the Guarantee Duration: 

How long does the First Home Guarantee remain in effect? 

• Until you sell, move, refinance, or the LVR falls below 80%. 

Switching Lenders and Eligibility Inquiry: 

Can I retain the guarantee if I decide to switch banks? 

• Only if the loan terms stay eligible; no increase in amount or term. 

Concerns About Credit Score: 

Does a low credit score disqualify me from the scheme? 

• Eligible borrowers must pass credit scoring and standard criteria. 

De Facto Partner Definition Clarification: 

What defines a de facto partner, and do I need to provide proof? 

• No proof is needed; simply sign the First Home Buyer Statutory Declaration form. 

Eligibility for Property Ownership: 

Do we still qualify if my spouse has owned property before? 

• No, both borrowers must never have owned property. 

Status After Selling and Guarantee Status Inquiry: 

Can I sell my home and still retain the guarantee? 

• No, the guarantee ceases when you sell your property. 

Insights into the Application Process: 

How do I confirm that my home loan is guaranteed? 

• Lender confirmation after successfully reserving a place. 

Existing Contracts and Reapplications Inquiry: 

I’ve already signed a contract; can I still apply? 

• Depends on the type of residential property; eligibility criteria apply. 

Clarification on Cash Payment: 

Do I receive a cash payment under The First Home Guarantee? 

• No, it’s a guarantee, not a cash payment. 

Tracking Application Progress: 

How do I know that my application has progressed to the next stage? 

• Lender reservation, pre-approval, and completion of required forms. 

Potential Alterations to Loan Terms: 

Can I modify my loan terms once it’s guaranteed? 

• No, alterations are not allowed; refinancing is an option. 

Lender Restrictions and Valuation Inquiry: 

Do lenders’ postcode restrictions still apply under the scheme? 

• Yes, lenders may have postcode restrictions; check with each lender. 

Valuation for Eligibility Clarification: 

Which valuation is used to determine eligibility? 

• The higher of the bank valuation or contract of sale is used to determine eligibility.