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Buying our family home

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Saving to purchase a family home can be a challenging task, especially when you are a single parent or single legal guardian.

The Australian Government 5% Deposit Scheme helps you into your new family home if you have saved a minimum 2% deposit with a Government guarantee. No income caps, no waitlists and no LMI helps get you into your own home sooner (subject to eligibility criteria). If your home loan is covered by the Scheme, you may also be able to access other Government Support programs such as the First Home Super Saver Scheme, First Home Owner Grant and Stamp Duty Concessions. It is worth exploring all your entitlements before locking in your new home.

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How is a ‘single parent/legal guardian’ defined?

A single parent or single legal guardian must demonstrate that they are the natural or adoptive parent of a dependent child within the meaning of s.5 of the Social Security Act 1991 (Cth).  In a general sense, this means that the person must show that they are legally responsible (whether alone or jointly with another person) for the day-to-day care, welfare and development of the dependent child and the dependent child is in their care. 

Alternatively, the eligible single parent or eligible single legal guardian must show that they are the natural parent, adoptive parent or legal guardian of a person who receives a disability support pension and lives with them.

A parent is not a single parent if they are married or in a de facto relationship. NB: a person who is separated but not divorced is not single.

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Check your eligibility

  • Australian citizen or permanent resident, at least 18 years old
  • Saved a minimum deposit of 2%
  • Single parent or single legal guardian of one or more dependent children
  • Not have any other property interest once your new home settles (home loan date*)
  • Buying a home in Australia priced at or below the location’s price cap
  • Planning to live in the home as an owner-occupier (no investment properties)
  • Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to 3 years to build a new home)
  • Applying on your own (no joint applications).

* The Home Loan Date is the date you sign your home loan agreement with your Participating Lender.

To find out the property price threshold of a suburb you a looking to buy in you can try the handy tool here    

View the key fact sheet for more information.

Single Parent information guide is also available.

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What if I used to own a home?

Previous home owners can apply for the Family Home Guarantee provided they do no currently own a home.

To be eligible, you must not currently have:

  • a freehold interest in real property in Australia
  • a lease of land in Australia
  • a company title interest in land in Australia

There are no costs or repayments associated with the guarantee. However, eligible single parents are responsible for meeting all costs and repayments for the home loan associated with the guarantee.

 

Property types you could buy with the Family Home Guarantee.

Eligible property types
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The information provided on this page is general in nature and does not constitute financial or legal advice. Eligibility for government grants and schemes may vary based on individual circumstances and location. The Australian Government 5% Deposit Scheme eligibility criteria apply. We recommend visiting the official government websites listed to verify your eligibility and obtain the most up-to-date details.

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