Family Home Guarantee

The Family Home Guarantee is a fabulous initiative to support eligible single parents who have at least one dependent child to purchase or build a family home. This can be for a first home buyer or a second home buyer who doesn’t currently own a home.

There will be 10,000 Family Home Guarantee spots available over the next four financial years from the 1 st July 2021 to the 30 th June 2025.

Normally as a home buyer, if you have less than a 20% deposit, you will need to pay lenders mortgage insurance. With this amazing initiative, part of an eligible home buyer’s home loan from a participating lender will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC). This will allow single parents to buy or build a home sooner with as little as a 2% deposit.

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View the Family Home Guarantee Fact Sheet here to learn more.

Some of the key factors include:

  • Applicants can be a first or second home buyer;
  • You must be a single parent with at least one dependent child – marital status must be single, divorced or widowed (applicants who are married, de facto or separated are not eligible);
  • The property price thresholds are $500,000 for capital cities and regional centres, and $400,000 for the rest of the state;
  • You must be an Australian citizen at the time you enter the loan;
  • You must earn no more than $125,000 per year; and
  • You must intend to be the owner-occupier of the purchase property.

You must be thinking, ‘Am I eligible for the Family Home Guarantee?’

There are only so many spots available and these may run out quickly. Touch base with us below to find out some more info and more importantly, if you qualify!