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Buying your home can sometimes feel like a complicated and overwhelming process, which is why we make the experience as simple and smooth as possible.

To assist home buyers in breaking into the property market, we have our pathways outlined to help realise the dream of owning your home.

Home Guarantee Scheme

Unity Bank is an approved lender under the Australian Government’s Home Guarantee Scheme and can help eligible home buyers enter the housing market sooner with as little as 2% Deposit (Family Home Guarantee) or 5% (First Home Guarantee & Regional First Home Buyer Guarantee).1

First Home Buyer Advantage Plus and Government Scheme Lending

Don't worry if you don't qualify for government assistance through Home Guarantee Scheme. First home buyers can still get Unity Bank’s First Home Buyer Advantage Plus home loan which includes an option to avoid lenders mortgage insurance with a third party guarantee.2

Compare the eligibility criteria and key benefits below

 

     
  Home Guarantee Scheme*4  
  First Home Guarantee
(FHBG)
Regional First Home Buyer Guarantee (RFHBG) Family Home Guarantee
(FHG)
First Home Buyer Advantage Plus and Government Scheme Lending*5
Who is eligible?

Australian citizens or permanent residents6

Individual or joint applicants7

Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years

Australian citizens or permanent residents6

Individual or joint applicants7

Either first home buyers or previous homeowners who haven’t owned a property in Australia in the last 10 years

At least one borrower must have lived in the regional area or adjacent regional area for the previous 12 months

Australian citizens or permanent residents6

Single parents or single legal guardians who do not currently own a property or do not intend to own a separate property when they settle on the home

Australian citizens or permanent residents6

First home buyers

Purchase location Australia-wide Australia-wide Australia-wide Australia-wide
Minimum deposit 5% 5% 2% 5%
Income threshold Up to $125,000 for singles and $200,000 for couples Up to $125,000 for singles and $200,000 for couples Up to $125,000 N/A
Property price caps Yes, property price caps for the purchase location can be viewed here. Yes, property price caps for the purchase location can be viewed here. Yes, property price caps for the purchase location can be viewed here. No
Asset limits No No No No
     
Key benefits Home Guarantee Scheme*4  
  First Home Guarantee
(FHBG)
Regional First Home Buyer Guarantee (RFHBG) Family Home Guarantee
(FHG)
First Home Buyer Advantage Plus and Government Scheme Lending*5
Variable rates

From 5.99% p.a. (Comparison Rate 5.99% p.a. )

Owner Occupied | Principal & Interest | LVR<60%

Fixed rates

From 5.54% p.a. (Comparison Rate 6.82% p.a. )

Owner Occupied | Principal & Interest | Fixed 3 Years

Government’s contribution to equity No No No No
Avoid Lenders Mortgage Insurance (LMI) Minimum 5% deposit required Minimum 5% deposit required Minimum 2% deposit required Minimum 20% deposit required
Option of third party guarantee to avoid/reduce LMI No No No Yes5
Annual fee Waived Waived Waived Waived
Establishment fee Waived Waived Waived Waived
Settlement fee Waived Waived Waived Waived
Valuation fee Waived - for one property only Waived - for one property only Waived - for one property only Waived - for one property only. For construction loans, valuation fee for progress payments apply.
Unity Bank legal fee Waived Waived Waived Waived

Take advantage of our lower rates

Parental Guarantee for First Home Buyers

With high property prices it can be overwhelming for first home buyers to save for a deposit. However, there is a way to make this more achievable with the assistance of those closest to you.

Discover how a Parental Guarantee can help turn your dream of homeownership into a reality.

Home Loan calculators

Use our Home Loan calculators to determine the amount you can borrow and monthly repayment amounts.

See what our Members have to say!

"We were very pleased with the speed and personalised service we received from the team at Unity Bank in helping us purchase our first home. We also found their products to be very competitive. Unity Bank has more of a family feel to it than a corporation. We have already recommended them to others, as we are very happy with them."

Emanuel, Member

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  • 1 Only available for First Home Buyers and Housing Australia. Minimum home loan balance $150,000. Not available for internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. Loan to Value Ratio (LVR), is the ratio of money you borrow compared to the value of the property used as security, as determined by the Bank.
  • 2 Comparison Rate is calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only. WARNING: These Comparison Rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison Rate. Comparison rates for Variable Interest Only loans are based on an initial 5 year Interest only period. Comparison rates for Fixed Interest Only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan. Interest rates are on a per annum basis.
  • 3 Only available for First Home Buyers and Housing Australia. Minimum home loan balance $150,000. Not available for internal product switches. Maximum loan period 30 years. Interest rate calculated daily charged monthly. After fixed period interest rate reverts to First Home Buyer Advantage Plus and Government Scheme Lending standard variable rate.

4 Unity Bank is authorised to offer the Australian Government’s Home Guarantee Scheme, under which the Government guarantees up to 15% of the value of the property (FHBG and RFHBG) and up to 18% for FHG. The Guarantees are not cash payments or deposits for your home loan. For more information click First Home Guarantee (PDF), Family Home Guarantee (PDF) and Regional First Home Buyer Guarantee (PDF). Target Market Determination available here.

5 Only available for first home buyers. Minimum home loan balance $150,000. Maximum loan period 30 years. Interest rate calculated daily charged monthly. For third party guarantees, credit eligibility applies to guarantor and guarantor must grant Unity Bank a mortgage over their property as security.

6 For Home Guarantee Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.

7 Joint applicants may include partners, friends, siblings, and other family members.

* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only.