Calling all single parents! You can now build your dream home for as low as a 2% deposit, with aid from the National Housing Finance and Investment Corporation (NHFIC). A new program called the Family Home Guarantee for single parents is dedicated to improving housing situations for Australians by helping you build your own home.
The Family Home Guarantee Scheme is specifically designed for single parents with dependents or children, living together under one roof. But unlike other grants, it isn’t just for first home buyers – you could be eligible if you have already owned a home.
Compared to the First Home Loan Deposit Scheme (FHLDS), this Guarantee is purely to benefit single-parent families with single incomes that do not have the ability to save large deposits. And unlike the 5% deposit for FHLDS, the Family Home Guarantee only requires a 2% deposit on your end, making it easier for single parents to get into the housing market without the need for a second income.
Only 10,000 places available
Single parents with dependants on low to middle incomes are able to obtain a home loan with a deposit as low as 2% (similar to that of Keystart, but with a bank lender). The remaining 18% of your deposit shall be shouldered by the Government through the grant.
This Guarantee is available to both first home buyers and previous homebuyers for over four financial years from 1 July 2021 to 30 June 2025. From July 1st 2021, 10,000 places were made available across Australia with only 2,500 places each year.
Not just for first home buyers
• Single parent (no spouse or de facto partner). This does not include single parents that are not divorced.
• Single parent to at least one child (natural or adoptive), with “child” defined under section 5 of the Social Security Act 1991.
• Must be an Australian Citizen. Unfortunately, permanent residents that are not citizens do not qualify.
• Be at least 18 years of age.
• Singles with a taxable income of no more than $125,000 per annum for the previous financial year.
2% deposit to get you moving
Under the Family Home Guarantee for single parents, you can only buy or build a residential property. If you currently own property within Australia (e.g. land), you are not eligible for this scheme.
For eligible applicants, the residential property you can purchase includes the following:
All other conditions will be subject to the requirements of your chosen lender and builder.
If you’re interested in learning more about what you’re eligible for, please register your interest by giving us a call or filling out the form below. One of our friendly new home specialists will get back to you as soon as possible!
A property price cap is a range of how much a new build can cost depending on the year it covers and the location it is under. Under NHFIC’s Family Home Guarantee, the property price cap will depend on the location and the financial year in which your scheme was reserved.
Effective as of July 1st 2022:
NSW
VIC
QLD
WA
SA
TAS
ACT
NT
$900000
$800000
$700000
$600000
$600000
$600000
$750000
$600000
$750000
$650000
$550000
$450000
$450000
$450000
$750000
$600000
Move Homes have over 30+ new home designs with the option for clients to customise or personalise according to their preference. We have floorplans for all block sizes, shapes and styles.
If you need additional financial assistance, our finance team can match you with the perfect home loan to suit your personal circumstance. We will provide you with a comprehensive understanding of the scheme, as well as connect you to a list of qualified lenders specifically for the Family Homes Guarantee scheme.
Ready to build your own home? Complete the form above and we’ll be in touch! From here, we’ll help to get your requirements in order and can work towards creating a home design plan that’s perfect for you and your lifestyle. What are you waiting for?
Over the last 50 years we’ve proudly built over 20,000 homes for Australian families. We have the same values today as we did in 1969 when we built our first home in Light Street Dianella. As part of Prime Group, we have access to some of the best land estates in the region, giving you some of the best options to choose from.
The Family Home Guarantee Scheme is an Australian Government initiative that helps eligible single parents with dependants on low-middle incomes purchase a home with as little as a 2% deposit.
The Family Home Guarantee allows single parents with dependants on low-to-middle incomes to purchase a home with a deposit of as little as 2%, with the remaining amount guaranteed by the National Housing Finance and Investment Corporation.
Eligible participants must be Australian citizens over the age of 18, is single parent to a dependent/child and is with a single taxable income of no more than $125,000 per annum. For more information, you may speak to our team on 9249 4455.
Not all single parents are eligible for this scheme. Only single parents in a single-income household, and are legally responsible for the day-to-day welfare and development of their dependent child may be eligible. For clarifications or more information, talk to us on 9249 4455 or send us an email.
If you believe you’re eligible for the Family Home Guarantee, chat to our Finance team on 9249 4455 or send us an email to discuss how we can help. We will connect you with a participating lender approved by the National Housing Finance and Investment Corporation.
The guarantee is valid until the loan is refinanced or until your loan principal balance reduces to below 80% of the value of your property at the time of purchase. It will no longer be valid once you sell your home, rent it out or move out of your property.
Check out our list of various financial aids for new and repeat home buyers. You can also talk to one of our specialists on 9249 4455 for more information on how to finance your dream home.
Over the last 50 years we have proudly built over 20,000 homes for Australian families. We have the same values today as we did in 1969 when we built our first home in Light Street Dianella.
