How it works
The Family Home Guarantee is helping single parents (or legal guardians) with at least one dependent to purchase a home sooner. There are currently 5,000 places available for this scheme each financial year.
Under the Family Home Guarantee, the federal government acts as guarantor on 18% your home loan, so you can purchase a home with 2% deposit. Eligible buyers will also avoid lenders mortgage insurance, significantly reducing the savings you require.
This scheme is available to both first home buyers or previous home owners.
Who's eligible?
You can find up to date information regarding eligibility on the nhfic.gov.au website. In general, the applicants must be:
- an Australian citizen(s)
- be single. A person is considered single if they don’t have a spouse and/or a de facto partner
- have at least one dependent child
- at least 18 years of age
- earning up to $125,000 per year
- intending to be owner-occupiers of the purchased property
Changes from July 1st
From July 1st, 2023 the Family Home Guarantee criteria is expanding.
- The Family Home Guarantee will also be extended to single legal guardians of children, such as aunts, uncles and grandparents.
- The scheme will no longer be limited to Australian Citizens. Permanent Residents will also be eligible for the scheme.
How to apply
All applications for the Home Guarantee Scheme need to be made directly with a participating lender or through an authorised representative, such as a mortgage broker. Our qualified lending specialists can assist you with applying for the Family Home Guarantee and any additional government grants.
Purchase price caps
Maximum house price caps are applicable for properties purchased under the Family Home Guarantee. You can search your location and find price caps for additional regions on the nhfic.gov.au website.
Deposits from $5k!
With the help of our Deposit Boost and the Family Home Guarantee, you may only need $5,000 savings to secure your own family home. Find out if you qualify for a new home purchase online in a few simple steps.
