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Buying a new home

Congratulations!  You have achieved your goal of becoming a first homeowner and are now looking to purchase a new home to match your ever-changing lifestyle. 

Whether your new home choice is due to an expanding family, a desire to escape the rental market or simply a need to have a bigger backyard (sometimes it’s the little things), there may be a Government Scheme that can help with your journey.

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Family Home Guarantee

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

The Family Home Guarantee (FHG) is designed to support eligible single parents by providing a guarantee to Participating Lenders that allows you to buy a family home with a deposit of as little as 2%. This scheme enables single parents with at least one dependent child to enter or re-enter the housing market sooner.  Normally, to avoid paying Lenders Mortgage Insurance, anyone purchasing a property will need to save a 20% deposit (based on the property value). Taking advantage of the Guarantee will allow you to bypass Lenders Mortgage Insurance without having to stress about providing an extra 18% in your deposit.  Investment properties are not covered by the Guarantee.  

Applicants can have previously owned a home and still be eligible provided they no longer have an invested interest in the property.

 

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