10 - Unlocking The First Home Guarantee Scheme: Buy Your First Home With 5% Deposit

Saving for a deposit can be one of the biggest challenges of buying your first home. The First Home Guarantee Scheme helps by making it possible with as little as 5%.In this episode, Jack Elliott and Chris Bates break down how the scheme works, who’s eligible, and the key benefits and trade-offs to be aware of. They also cover the Family Home Guarantee, giving you a full picture of the options available.You’ll learn about property price caps, income limits, and the important changes coming in October 2025.This scheme is one of the strongest pathways available for first home buyers. We’ll show you how it works and how it could help you step into your home sooner.In this episode:🔑 How the First Home Guarantee works🔑 Who’s eligible and what types of properties qualify🔑 The Family Home Guarantee explained🔑 Property price caps, income limits, and the October 2025 changes🔑 The benefits, risks, and how to decide if this scheme is right for youTimestamps00:00 – Introduction and overview of today’s topic02:15 – What the First Home Guarantee actually is and how it works03:44 – What the government guarantee does (and doesn’t) cover04:25 – Why the scheme is a big deal for first home buyers06:25 – Eligibility requirements for the First Home Guarantee07:57 – Upcoming October 2025 changes: income caps removed08:38 – Market impacts of the upcoming changes10:38 – Refinancing rules under the scheme13:03 – Deposit requirements and genuine savings rules14:05 – Other upfront costs beyond the deposit (stamp duty, fees, inspections)15:31 – Should you contribute more than 5% or hold back a buffer?17:03 – How lenders view extra cash and buffers18:12 – Reserving and holding your scheme spot with pre-approval19:11 – What types of properties qualify and price cap rules20:15 – Price cap increases from October 2025 and what that means22:56 – The Family Home Guarantee explained (2% deposit for single parents/guardians)24:37 – Key insights from the 2023–24 Housing Australia Scheme Report25:28 – Major changes coming in 2026: income caps, price caps, and place limits25:55 – Final advice for buyers considering the scheme26:31 – Wrap-up and next week’s preview: shared equity schemesUnlock your Free Resources First Home Guarantee Scheme Resource Property Price Cap ToolPrice Cap Changes ResourceWant to keep the conversation going? 👉 Join the First Home Unlocked Facebook Community 📅 Book a chat with Jack for tailored support 📱Follow Us on social media: Instagram, TikTok, Youtubefirsthomeunlocked.com.au