Major Boost for Gold Coast First Home Buyers: The New Home Guarantee Scheme Rules Are Here!

Great news for aspiring homeowners on the Gold Coast! As of October 1, 2025, the Australian Government has made massive, game-changing updates to its Home Guarantee Scheme. The two biggest changes—the removal of income caps and a huge increase in property price caps—are now in effect, making it easier than ever for more people to buy their first home with a small deposit.

If you thought homeownership was out of reach, it's time to look again. Here’s everything you need to know about how these new rules can help you secure your own piece of the Gold Coast.

What is the Home Guarantee Scheme?

Think of the Home Guarantee Scheme as the government stepping in to act as your guarantor. It's a fantastic initiative that allows eligible buyers to purchase a property with a deposit as low as 5% (or 2% for single parents) without having to pay for costly Lenders Mortgage Insurance (LMI). By guaranteeing a portion of your loan, the government gives lenders the confidence to approve your finance with a smaller deposit, saving you thousands in upfront costs.

The Game-Changing New Rules for Queensland

The recent changes have opened the door for so many more buyers. Here are the two key updates for us here on the Gold Coast:

1. Income Caps Removed: Previously, your eligibility was limited by how much you earned. As of October 1, these income caps have been completely removed for the First Home Guarantee.
2. Property Price Caps Increased: The property price cap for the Gold Coast (and other major QLD centres) has been boosted from $700,000 to a massive $1,000,000. For the rest of Queensland, the cap has increased to $700,000.

This means you now have a much wider range of properties to choose from across the Gold Coast, from apartments in Broadbeach to family homes in Coomera.

Am I Eligible for the Scheme?

While the income limits are gone, other key criteria still apply. Here’s a quick summary:

• Applicants: You can apply as an individual or as a couple (for the First Home Guarantee), or as a single parent/guardian (for the Family Home Guarantee).
• Deposit: You'll need a minimum deposit of 5% for the First Home Guarantee, or 2% for the Family Home Guarantee.
• Citizenship: You must be an Australian citizen or permanent resident, and at least 18 years old.
• Property Ownership: You must not have owned property in Australia in the last 10 years (for the First Home Guarantee).
• Residency: You must intend to live in the property (it cannot be an investment property).

What Kind of Property Can I Buy?

The scheme supports the purchase of a wide range of new and existing residential properties, including:

• An established house, townhouse, or apartment
• A house and land package
• A vacant block of land with a contract to build
• An off-the-plan apartment or townhouse

Your Next Step to Owning a Gold Coast Home

These new rules are a golden opportunity for anyone dreaming of owning a home on the Gold Coast. Understanding the criteria and navigating the application process is the crucial next step.

As your local mortgage experts, we are across all the details of the expanded Home Guarantee Scheme. We can quickly assess your eligibility, help you find the right participating lender, and guide you through every stage of the application.

Ready to find out if you qualify under the new rules? Contact Max Rich today for a free, no-obligation assessment and let's get your property journey started.

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