Unlock the Benefits of the Family Home Guarantee
Being a single parent or single legal guardian doesn’t mean home ownership is out of reach. The Family Home Guarantee is designed to help single parents overcome the challenges of buying a home. This initiative supports those looking for home buyer programs and first time home buyer grants for single parents.
What is the Family Home Guarantee?
Introduced in 2021, the Family Home Guarantee is part of the Australian government’s Home Guarantee Scheme (HGS). This initiative aims to make owning a home more affordable. With 5,000 places confirmed between the 1st July 2024 to 30th June 2025, it stands as a significant opportunity to progress your dream to home ownership as a single parent or single legal guardian.
How the Family Home Guarantee Can Help You
1. Lower Deposit Requirements
The Family Home Guarantee reduces the deposit you need to save. Although most customers think they need a 20% deposit, but under this Guarantee, eligible single parents or single legal guardians only need to provide a 2% deposit. The Government covers up to 18% of the home loan as a guarantee and the balance may be provided by a home loan from one of the participating lenders where their criteria is met, making it easier to enter the housing market.
2. No Need for Lenders Mortgage Insurance (LMI)
For most home buyers, a deposit under 20% means paying Lenders Mortgage Insurance (LMI). However, participants of the Family Home Guarantee are exempt from this requirement, which lowers the overall cost of buying a home. This is particularly beneficial for home buying programs for single parents, including both single moms and single dads.
3. Enhanced Appeal to Lenders
With up to 18% of the home loan guaranteed by the Australian government, eligible single parents and single legal guardians become more appealing to lenders. This can lead to better loan options and easier access to financing, aligning well with enhancing financial security.
How to apply for the Family Home Guarantee?
Our finance partner, Resolve Finance, can assist you in checking your eligibility and guide you through the application process, especially for those seeking assistance as single parents or single guardians.
Take the first step toward building your new home with one of Melbourne’s most affordable home builders. Contact us today, if you are interested in family home guarantee scheme eligibility and how to apply for the scheme.
Eligibility for the Family Home Guarantee
To check if you are eligible for the Family Home Guarantee, use the Housing Australia eligibility tool or by speaking with our finance partner, Resolve Finance.
Current eligibility criteria:
- Expanded from eligible single natural or adoptive parents with dependents to eligible borrowers who are single legal guardians such as aunts, uncles and grandparents.
- Eligible borrowers can buy a home with 2% deposit, without paying lenders’ mortgage insurance
- 5,000 places available per year until 30 June 2025.
- Single person income limits and property value limits apply, as per First Home Guarantee.Other income into ‘family’ must be limited
- Can not own a home currently
- Available to permanent residents and Australian Citizens.
For more information on eligibility requirements, click here.
Terms and conditions apply. The information does not consider your personal needs and financial circumstances and you should consider whether this is appropriate for you. First Homeowner Grant eligibility is at the discretion of the Victorian State Revenue Office, to find out more, click here. Scheme eligibility is at the discretion of Housing Australia, to find out more click here. Please note this is a guide only, this information may be revised for 2024/2025. Participating lenders terms and conditions apply and may vary. All financial services provided by resolve Financial Solutions Pty Ltd Trading as resolve Finance ABN 65 079 545 378. Australian Credit License 3854877
Why do so many Homebuyers Centre customers use Resolve Finance?
Established in 1997 as part of the ABN Group, Resolve Finance has over two decades in the business. Resolve mortgage specialists have helped buyers secure loans for over 33,000 homes, becoming one of Australia’s undisputed leaders in their field. Hear from Resolve Finance mortgage specialist, Jamie, about the most frequently asked questions around financing your new home.
First Home Owner Grant (FHOG)*
If you’re buying or building your first new home in Melbourne, Victoria, you could be eligible for a $10,000 First Home Owner Grant*. This valuable boost can help you take that crucial first step toward owning your dream home.
Learn more
Regional First Home Buyer Guarantee (RFHBG)*
If you’re considering becoming a homeowner in Regional Victoria, there’s never been a better opportunity. Eligible home buyers in this area can now secure a property with a deposit as low as 5%*—and the best part? You won’t need to pay Lenders Mortgage Insurance.
Learn how you could get into your new home sooner
Thinking about buying your first home? We’ve got you covered with everything you need to know. From the First Home Owner Grant in Victoria to the Home Guarantee Schemes, this guide will walk you through all the essential details.
Find out if you're eligible
Together with our partners at Resolve Finance, we will guide you through the process