Family Home Guarantee Scheme

The newest scheme on the block

Extra Building Support for Single Parents #ThanksGov

We all know raising a family on your own can be super tough. But, the government has raised it’s hand to take a bit of the pressure off all you single parents. Say goodbye to the stress of dealing with both screaming kids AND savings….say hello to the newest government scheme.

Meet the Family Home Guarantee. It’s basically that little bit of support you’ve been dreaming of, that’s going to make a biiig difference for you and the fam. Stretched for time but still want to know all the deets? Don’t worry, we’ve done the research so you can get straight back to the parenting.

Family Home Guarantee Scheme elevation

Cheat sheet: What is the Family Home Guarantee Scheme?

Let’s get you up to speed. The Family Home Guarantee is a new initiative that gives single parents a huuuuge helping hand to get into their own home sooner. If you’re riding solo and meet the eligibility criteria, you may be able to buy a home with just a 2% deposit and be backed by ScoMo to guarantee the remaining 18%. Rumour is you can also cut LMI out of the family photo, taking a whole lot more pressure off you. So that’s no more 20% deposit. No more LMI. Talk about money smarts, right?

Starting on 1 July 2021, just 10,000 Family Home Guarantee packages will be made available over the next four financial years. Keen? Be quick and let’s start prepping now.

The fine print (are you eligible?)

We know what you are thinking. All this is great, but what’s the catch? Does it apply to me and my family? We’ve got that covered too so you can save your smarts for when it counts, like daydreaming about that new family home which could now become a reality.

Family Home Guarantee Scheme eligibility deets:

  • Be a real-life person/single parent with dependants
  • Aged over 18
  • An Australian citizen
  • Don’t currently own a property (but can previously, phew!)
  • Have at custody or shared custody of children
  • Earn less than $125K/year
  • Build a new home under $500k

Sooo, this does apply to you? YAY exciting times are ahead, lets chat! But if your still not sure, our in-house finance smarties from the Loan Co are here to help you out. Use the form below to get the smart conversation started. (Eligibility criteria correct as of 22/06/2021).

Family Home Guarantee Scheme

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Can I take advantage of the Family Home Guarantee?

If you’ve scrolled this far it’s likely! Provide your deets below and our in-house smarties will work out if you qualify. While you wait, you can get back to looking after the kiddies.

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FAQ’s

Here’s a few As to some Qs you may have.

What is the Family Home Guarantee?

Sooo…you’re wondering right about now what the Family Home Guarantee really entails? Well, it’s a Gov’ initiative that gives single parents a huge helping hand to get into their own home (quick smart). This scheme means if you meet the eligibility criteria, you’ll have the chance to build your own home with just a 2% deposit – how good?!

Am I eligible for the Family Home Guarantee?

Fingers and toes crossed! To make the most of this scheme you’ll need to meet the following criteria:

  • Be a single parent with dependants (little ones)
  • 18+ years old
  • An Australian citizen
  • Don’t currently own a property
  • Have custody or shared custody of children
  • Earn less than $125K/year
  • Build a new home for under $500K

Don’t forget, our smarties are always here to help and take the pressure off!

How do I apply for the Family Home Guarantee?

Easy peasy! Just pop in you deets with the form above so that one of our in-house finance smarties can check over and get back to you ASAP.

How does Family Home Guarantee work?

The new Gov’ scheme allows single parents to get into their own home with a deposit as low as 2% (yes, you read correctly). ScoMo will take care of the other 18% to make up your 20% deposit aaaand you’ll avoid having to take out LMI. But you better get in quick, because there’s a limit of 10K places spread out over the next four financial years (2,500 spots each year to be exact!). Go go go!