The New Government Scheme for Single Parents
2021 introduces the Family Home Guarantee Scheme, which is a brand new Government initiative making it easier for Single Parents to get into their new home sooner. If you meet the criteria you may be able to build a home with just a 2% deposit (while the Government takes care of the remaining 18%). What’s even better is you won’t need to pay LMI (Lender’s mortgage insurance) AND this is available for non-first home buyers too!
How does it work?
- Eligible applicants will receive a limited guarantee from the Australian Government to purchase their new home.
- This will allow you to purchase your new home with just a 2% deposit, without having to pay Lenders Mortgage Insurance (LMI), which could save you thousands of dollars.
The Family Home Government Scheme is limited to 10,000 loans each financial year, Australia wide, and all applicants must meet the following criteria:
- Be a single parent with dependants
- Individuals must have earned less than $125K
- Be over 18 years old
- Be Australian Citizens with proof of citizenship
- Have custody or shared custody of children
- Don’t currently own a property (but can have owned in the past)