What is the Family Home Guarantee?

The Family Home Guarantee is a state initiative to help eligible single parents with dependants afford a home. Single parents can buy a house with only as little as a 2% deposit. This will allow them to get a loan without paying the lender’s mortgage insurance (LMI). 

Starting July 1, 2021, 10,000 places under the scheme will open every financial year. The guarantee will continue up to 4 financial years.

What are the requirements for the Family Home Guarantee?

To qualify for this guarantee, you:

1. are a single parent with at least one dependent child,
2. must be an Australian citizen at the time you enter the loan
3. are least 18 years of age
4. earn no more than $125,000 per year
5. are to be owner-occupier of the purchased property
6. you cannot currently own property

How to apply?

You must submit your application to participating lenders or their representatives.

List of participating lenders:

• Australian Military Bank
• Australian Mutual Bank
• Bank Australia
• Bendigo Bank
• Beyond Bank Australia
• Commonwealth Bank
• Community First Credit Union
• Defence Bank
• Firefighters Mutual Bank
• G&C Mutual Bank
• Gateway Bank
• Great Southern Bank
• Health Professionals Bank
• Indigenous Business Australia
• MyStateBank
• Bank First
• NAB
• People’s Choice
• Q Bank
• Queensland Country Bank
• Regional Australia Bank
• Teachers Mutual Bank
• The Mutual Bank
• UniBank
• WAW
• Bank of Us

Call a mortgage broker for any enquiry or clarification.