The New Home Guarantee Scheme is a government initiative designed to help first-time homebuyers with smaller deposits access the housing market. Here are some key points to consider:

• Scheme Overview: The New Home Guarantee Scheme was introduced to support first-time buyers by allowing them to purchase a new home with a deposit as low as 5%. The government provides a guarantee to the lender for up to 15% of the loan amount, reducing the risk associated with low deposit loans.
• Eligibility Criteria: The scheme has certain eligibility criteria that borrowers need to meet. These criteria may include being a first-time buyer, Australian citizenship or permanent residency, having a good credit history, and income limits etc. For more information please go through the following link: https://www.nhfic.gov.au/our-schemes/new-home-guarantee