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Explore our first home pathways

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(including options for single parent families and over 50s)

Buying your first home or getting back into the property market if you're a single parent family or over 50 can sometimes feel like a complicated and overwhelming process, which is why we make the experience as simple and smooth as possible.

To assist you, we have our pathways outlined to help realise the dream of owning your home. 

Compare the key features and eligibility criteria by clicking below.

 

Comparison Table

 

 Shared Equity Home Buyer Helper*1 Home Guarantee Scheme*2 First Home Buyer Advantage Plus*3 MoneyMAX Account
First Home Guarantee (FHBG) Regional First Home Buyer Guarantee (RFHBG) Family Home Guarantee (FHG)

Eligibility criteria
Who is eligible?

Australian citizens or permanent residents4

  
  1. First home buyers employed as key workers
  2. Single parent of a dependent child or children
  3. Single person aged 50 or above

Individual or joint applicants.5

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

Individual or joint applicants.5

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

 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. First home buyers Australian residents living in Australia, Australian citizens, and permanent residents over 14 years of age. Must have an Australian residential address and phone number.
Purchase location NSW only Australia-wide Australia-wide Australia-wide Australia-wide Australia-wide
Minimum deposit 2% 5% 5% 2% 5% N/A
Income threshold Up to $93,200 for singles and $124,200 for couples 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 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. Yes, property price caps for the purchase location can be viewed here. No N/A
Asset limits Yes, asset limits can be viewed here. No No No No N/A

Key benefits
Government’s contribution to equity Yes, new home up to 40%, existing home up to 30% in exchange for an interest in the property No No No No N/A
Avoid Lenders Mortgage Insurance (LMI) Minimum 2% deposit required Minimum 5% deposit required Minimum 5% deposit required Minimum 2% deposit required Minimum 20% deposit required N/A
Option of third party guarantee No No No No Yes3 N/A
Annual fee Waived Waived Waived Waived Waived N/A
Establishment fee Waived Waived Waived Waived Waived N/A
Settlement fee Waived Waived Waived Waived Waived N/A
Valuation fee Waived Waived Waived Waived Waived N/A
Reliance Bank legal fee Waived Waived Waived Waived Waived N/A

Shared Equity Home Buyer Helper1

We can help fast-track the path to home ownership for eligible New South Wales residents looking to purchase their first home through the NSW Government’s Shared Equity Home Buyer Helper. Key workers, Single parents and singles aged 50 years or older can apply. It features a minimum 2% deposit, with the NSW Government contributing up to 40% of the purchase price of your first home. Please note that Shared Equity Home Buyer Helper is only available through Unity Bank.

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Home Guarantee Scheme2

Reliance 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).2

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First Home Buyer Advantage Plus3

Don't worry if you don't qualify for government assistance through Shared Equity Home Buyer Helper or Home Guarantee Scheme. First home buyers can still get Reliance Bank’s First Home Buyer Advantage Plus home loan which includes an option to avoid lenders mortgage insurance with a third party guarantee.3

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MoneyMAX Account

Reliance Bank's MoneyMAX Account offers a great opportunity for first home buyers to save for your first home deposit with your savings earning 4.90% pa interest. This online account has no minimum balance, withdrawal restrictions, or transaction fees.

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For more details, submit your enquiry here 

or call us on 13 24 40 to speak with one of our specialists.

* Credit eligibility, terms and conditions, additional fees & charges may apply. New loans only. Valuation fee waived for one property only.
1. Unity Bank is a participating lender for the NSW Government’s Shared Equity Home Buyer Helper Scheme. Under this Government scheme, the Government can contribute up to 40% of the price of a new home or 30% for an existing home, in exchange for an equivalent interest in the property. The Government’s interest is secured by a second registered mortgage. While you remain eligible under the Scheme you do not have to make repayments towards the Government’s share, until you sell the property. The information on this page is correct at the time of publishing but may change at any time without notice to you, including as a result of changes to the Scheme by the Government. Scheme eligibility criteria also applies. Restrictions and other obligations apply after purchase. To find out more click here. Target Market Determination available here.
2. Reliance 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.
3. 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 Reliance Bank a mortgage over their property as security.
4. For Shared Equity Home Buyer Helper and Home Guarantee Scheme, permanent residents include New Zealand citizens for the purposes of citizenship applications only.
5. Joint applicants may include partners, friends, siblings, and other family members.