Hey there single parents! A new program called the Family Home Guarantee can help you build your own home.
It’s like a Single Parent grant, because it’s specifically for single parents with dependents who can provide a 2% deposit. 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), the difference is this Guarantee is purely to benefit single parent families that do not have the ability to save large deposits. And rather than a 5% deposit, it’s only a 2% deposit, making it easier for single parents to get into the housing market without a second income.
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). This Guarantee is available to both First Home Buyers and previous homebuyers.
From July 1st 2021, 10,000 places will be made available across Australia over 4 financial years. That means there are only 2,500 places each year!
• Must be an Australian Citizen. Unfortunately permanent residents 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.
As of the July 1st 2021, the price caps will increase by at least $50,000 (depending on the location). For small regional areas, caps can increase by $150,000 to $600,000.
Effective as of July 1st 2021:
NSW
VIC
QLD
WA
SA
TAS
ACT
NT
$800000
$700000
$600000
$500000
$500000
$500000
$500000
$500000
$600000
$500000
$450000
$400000
$350000
$400000
$500000
$500000
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 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 with a single taxable income of no more than $125,000 per annum.
If you believe you’re eligible for the Family Home Guarantee, chat to our Finance team to discuss how we can help.
There are only 2,500 places available each year. So you don’t want to miss out, fill out the form below and we will be in touch!
Over the last 50 years we have proudly built over 15,000 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.
