Family Home Guarantee: Who Qualifies and What You Get
Learn how single parents can buy a home with a smaller deposit through this Australian government scheme.
The Family Home Guarantee is a scheme designed to help single parents enter the property market with a smaller upfront deposit.
Who it's for
This scheme is specifically for single parents who have at least one dependent child.
What you get
If you qualify, you can purchase a home using a deposit as low as 2% of the property's value.
What it costs you
While the deposit requirement is lower, you must still meet specific income thresholds and satisfy all the requirements set by your chosen lender.
The catch to know
Even though the deposit requirement is reduced, this scheme does not exempt you from standard mortgage stress tests. This means lenders will still check if you can comfortably afford your repayments if interest rates or costs change.
How to apply
- Check your eligibility regarding income and dependent children.
- Speak with a mortgage lender to see if you meet their specific criteria.
- Apply for a home loan that utilizes this guarantee.
- Consult the official Housing Australia website for further details.