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:
- are a single parent with at least one dependent child,
- must be an Australian citizen at the time you enter the loan
- are least 18 years of age
- earn no more than $125,000 per year
- are to be owner-occupier of the purchased property
- 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
- Bank First
- People’s Choice
- Q Bank
- Queensland Country Bank
- Regional Australia Bank
- Teachers Mutual Bank
- The Mutual Bank
- Bank of Us
Call a mortgage broker for any enquiry or clarification.