With the cost of living and rental prices increasing, saving for a new home deposit can be a real challenge, particularly for single parents.
On 8 May 2021, under the 2021- 2022 Budget, the Australian Government announced the extension of the FHLDS (New Homes) and the establishment of a new program called the Family Home Guarantee.
The Family Home Guarantee will provide eligible single parents with dependants the opportunity to build a new home or buy an existing home with a deposit of only 2% - subject to the individual’s ability to service a home loan.
From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier.
Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000. A fact sheet with further information on eligibility criteria will soon be made available on the NHFIC’s website.
If you're a single parent and would like to take advantage of the Family Home Guarantee, it's a great opportunity to secure your own new home with only 2% deposit.
We will provide more information about the Family Home Guarantee on this page as it becomes available. As part of our service, our team assists buyers to take advantage of eligible Government grants and incentives.
Eligible first home buyers can take advantage of the Family Home Guarantee in conjunction with other government programs such as the First Home Super Saver Scheme, state and territory First Home Owner Grants and stamp duty concessions.