Family Home Guarantee - supporting single parents
The Family Home Guarantee aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner.
10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.
Usually, first home buyers with less than a 20% deposit need to pay lenders mortgage insurance.
The Family Home Guarantee scheme enables you to purchase your home sooner with as little as a 2% deposit.
Who is eligible?
You will only be eligible to participate if you:
· Are a single parent
· Have at least one dependent child
· Be an Australian citizen (not a resident) with dependent children
· Have an annual taxable income of $125,000 or less
· Be an owner-occupier (but you do not need to be a first home buyer)
· Be building a new home or purchasing an existing home
As with similar government schemes, there are region-specific price caps on properties.
NSW Capital Cities $800k cap for purchase of existing home or $950k cap for new home build
Rest of NSW cap is $600k for existing purchase and also new home build
If the price of the property you are purchasing exceeds these caps, you will not be able to qualify.
View the Family Home Guarantee fact sheet to learn more.