Supporting eligible single parents or eligible single legal guardians of at least one dependent to buy a home sooner.
The Family Home Guarantee (FHG) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible single parents or eligible single legal guardians of at least one dependent to buy a home sooner. It is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government.
The FHG aims to support eligible single parents or eligible single legal guardians of at least one dependent to buy a home, whether that single parent or single legal guardian is a first home buyer or a previous homeowner. From 1 July 2023 – 30 June 2024, 5,000 FHG places are available.
Under the FHG, part of an eligible home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with as little as 2% deposit without paying Lenders Mortgage Insurance.
For the FHG, any Guarantee of a home loan is for up to a maximum amount of 18% of the value of the property (as assessed by the Participating Lender). This Guarantee is not a cash payment or a deposit for a home loan.
Am I eligible for a government guarantee?
You’ll need to meet at least the following criteria to be eligible for a guarantee under the Home Guarantee Scheme:
- Australian citizen(s) or permanent resident(s) over the age of 18
- Applying for an owner occupier home loan with principal and interest repayments
- Taxable income of no more than $125k (single applicants) or $200k (joint applicants) based on prior financial year Notice of Assessment
- First home buyer or previous home buyer who hasn’t owned a home in the past 10 years (First Home Guarantee or Regional First Home Buyer Guarantee) or single parents or single legal guardians with at least one dependent child who don’t currently own a home (Family Home Guarantee)
- Minimum 5% deposit (First Home Guarantee or Regional First Home Buyer Guarantee), or minimum 2% deposit (Family Home Guarantee)
How to apply under the scheme –
1. Start a conversation
Book an appointment and tell us about you. We’ll see how much you could borrow, letting you know before the credit check.
2. Loan approval
A Mortgage specialist will walk you through the entire process, from which guarantee under the scheme might best suit your situation to the home loan that best fits your needs now and into the future.
You’ll need to purchase your home within 90 days of approval on the Home Guarantee Scheme.
3. On to settlement
Your lender will finalize your loan through to settlement. Accept our loan offer, and that’s it.