Skip to main content Skip to main navigation Skip to accessibility page Skip to search input

Your key to homeownership, sooner

The journey to owning a home comes with its hurdles. Lenders often need a 20% deposit – or you'll need to pay Lenders Mortgage Insurance (LMI). The good news is, with the Australian Government's Home Guarantee Scheme, you could short cut home ownership from as little as a 2% or 5% deposit.^


How it works

Special rate
Access interest rates normally reserved for those with a 20% deposit.
Little deposit
Speed up your saving time, with deposits as low as 2% or 5%.
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 1.83% 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.

Am I eligible for a government guarantee?

To qualify for one of the three guarantees under the Scheme, you need 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 you don’t currently own a home, or you will not own a separate property upon settlement of your 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 could suit me?
I am...

Family Home Guarantee: min 2% deposit and no LMI

About me
  • 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 I settle on my new home 
  • A taxable income up to $125k based on latest financial year Notice of Assessment
What sort of home can I 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 I apply for?
  • An owner occupier home loan, for a property you'll live in
  • 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)


Applying is simple

Step 1: Get started

Book an appointment with us and spill the beans about your dreams. No credit check – just a friendly chat.


Step 2: Loan and options

A lending manager will call to guide you through the whole process – and could help you find the most suitable guarantee for your short and long-term plans.


Step 3: On to settlement

Once approved, you've got 90 days to seal the deal on your new home. And there's no obligation until you accept your rate and loan offer.



Lenders Mortgage Insurance (LMI) is a cost that most lenders need you to pay if your home loan deposit’s less than 20%. This protects the lender if you can’t repay the loan. It can cost thousands, and can either be added to your loan or paid upfront. 

If your loan’s eligible for the Home Guarantee Scheme, there’s no need to pay LMI.

It's easy to get started


Save time, apply online 

Apply online for a home loan, conditional approval or to switch to us.

  • You could get approval in 1 business day
  • Dedicated lender will support you from application to settlement.


Book an appointment

A member of our team will be in touch at a time that suits you.

  • They’ll answer your questions and guide you through your next steps.
  • A lender can start your application for you.


The bank for first home buyers

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

Important information

^Home Guarantee Scheme eligibility criteria apply. Conditions, credit criteria, fees and charges apply. Based on BankSA 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 444KB)

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 444KB) apply. A $395 annual package fee applies and is payable from an eligible BankSA transaction account. Before deciding to acquire a BankSA 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.