To be eligible you must: be a first home buyer; be an Australian citizen or permanent resident; intend to occupy the property as your principal residence; and purchase within the applicable price cap ($900,000 for Adelaide and SA regional centres as of 2026).
As of 1 October 2025, income caps have been removed and there is no limit on the number of places available. Both new and established homes are eligible. Source: Housing Australia.
The government does not pay any money upfront — it guarantees 15% of the loan value to the lender. This means the lender treats your loan as if you had a 20% deposit (5% your own savings + 15% government guarantee), which is why LMI is not required.
You still borrow 95% of the property value and repay the full loan amount over time. The guarantee simply removes the LMI requirement — it does not reduce the loan amount or interest payable.
You cannot apply directly to Housing Australia — applications must be made through a participating lender. Not all lenders participate, and not all participating lenders offer the same rates and products. Lendology identifies the most competitive participating lender for your situation and manages the application as part of your loan process.
Jason and Steve are Adelaide mortgage brokers who give honest, free advice. No obligation.
The information on this page is general in nature and does not constitute financial advice. Given Finance Pty Ltd (t/a Lendology) ACN 624 144 501 is authorised under LMG Broker Services Pty Ltd ACL 517192.