Updated First Home Guarantee: What Every Buyer Needs to Know Before October 1, 2025

Big Changes Are Here Earlier Than Expected

The Albanese Government has fast-tracked a major expansion of the First Home Guarantee (FHG)—launching on October 1, 2025, not next year. This means broader access and bigger opportunities for first-home buyers:

• Income caps removed — no more limits on who can apply.

• Price caps raised to reflect today's market:

  
  

  • Sydney: up to $1.5 million

  • Brisbane: up to $1.0 million

  • Melbourne/Victoria: up to $950,000

• Deposit requirements drop to just 5%, with no Lenders Mortgage Insurance (LMI)—a huge saving.

What This Means for First-Home Buyers in VIC, Brisbane, and Sydney

• Greater affordability — You can now enter the market sooner, even if you don’t earn under previous income caps.

• Access to growth suburbs — With higher price caps, suburbs previously out of reach may now be viable options.

• Massive savings — Avoiding LMI and lowering deposit hurdles means more of your money goes toward building equity.

Why You Should Start Planning Now

This game-changing update is happening soon. If you want to make the most of it:

1. Meet with a mortgage broker now — position yourself early before demand surges.

2. Start your Home Buying Plan — secure pre-approval, evaluate your borrowing capacity, and identify suburbs within the new price caps.

3. Act fast — with broader eligibility but limited scheme places, timing is critical.

Work With Ascot Mortgage – Fee-Free Service

At Ascot Mortgage, we work exclusively for you—not the banks. Our service is completely fee-free, and we’ll guide you through the updated First Home Guarantee, your borrowing power, and your path to home ownership.

Book your Home Buying Plan with Ascot Mortgage today and be ready before October 1, 2025.