QBANK’s Offering for First Home Buyers

Buying a home is one of the most significant purchases you will make in your lifetime. What can be a daunting and complicated process, doesn’t need to be. QBANK’s home loan specialists can help you from initial enquiry through to settlement. But first, let’s discuss some key terms and definitions.

QBANK is proud to be a Participating Lender in the Australian Government's First Home Guarantee (FHBG) and Regional First Home Guarantee (RFHBG), to help first home buyers purchase a home sooner.

Classic Variable

<95% LVR

Interest Rate

6.14 % PA

Comparison Rate*

6.16 % PA

Fixed Rate

Home Loans Loan to Value Ratio Interest Rate Comparison Rate*
1 Year Fixed^ <95% 6.64% PA 7.95% PA
2 Year Fixed^ <95% 6.59% PA 7.80% PA
3 Year Fixed^ <95% 5.79% PA 7.43% PA
4 Year Fixed^ <95% 6.39% PA 7.47% PA
5 Year Fixed^ <95% 6.49% PA 7.39% PA
Eligibility:
  • a salary credit of at least $1,500 per month must be deposited into your QBANK transaction account

What is the First Home Guarantee?

The First Home Guarantee (FHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

Under the FHBG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to buy a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

For the FHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.

From 1 July 2023 – 30 June 2024, 35,000 FHBG places are available.

QBANK standard credit eligibility criteria, terms and conditions, fees and charges will apply to loans under the initiative.

 

More information on FHBG

If you would like to know more about the FHBG please visit the Housing Australia Website. You can also download the First Home Guarantee (FHBG) Information Guide and the First Home Guarantee (FHBG) Fact Sheet. For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan Key Fact Sheet.

 

What is the Regional First Home Buyer Guarantee?

The Regional First Home Buyer Guarantee (RFHBG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia on behalf of the Australian Government.

The RFHBG aims to support eligible regional home buyers to buy a home sooner, in a regional area. From 1 July 2023 – 30 June 2024, 10,000 RFHBG places are available.

Under the RFHBG, part of an eligible regional home buyer’s home loan from a Participating Lender is guaranteed by Housing Australia. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.

For the RFHBG, any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply.

QBANK standard credit eligibility criteria, terms and conditions, fees and charges will apply to loans under the initiative.

 

More information on RFHBG

If you would like to know more about the RFHBG please visit the Housing Australia Website. You can also download the Regional First Home Guarantee (FHBG) Information Guide and the Regional First Home Guarantee (FHBG) Fact Sheet. For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan Key Fact Sheet.


 

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Ready to start your journey?

Terms and Conditions apply to home loans and are provided with our loan offer. Fees and charges apply.

Interest rates current as at 5 June 2024 and are subject to change without notice.

Fact Sheets are available here.

Target Market Determination is available here.

* WARNING: This comparison rate is 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. The comparison rate displayed is calculated based on a loan amount of $150,000 over a 25 year term.

^ After the expiry of the fixed rate period, the interest rate changes to QBANK’s Classic Variable Home Loan Product Rate (currently 8.09%p.a. for Owner Occupier | 8.11%p.a. Comparison Rate and 8.44%p.a. for Investor | 8.52%p.a. Comparison Rate).

^^ Additional Government charges and a $195 settlement fee still apply ($295 if construction loan).

~ Additional repayments limited to $10,000 per annum to a maximum of $30,000 in any fixed rate period.

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