The Family Home Guarantee is designed to support eligible single parents by providing a guarantee to your bank that allows you to use a deposit of as little as 2% when buying your family home. This applies regardless of whether you are a first home buyer or a previous homeowner. Investment properties are not supported by the Family Home Guarantee.
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 Family Home Guarantee will allow you to bypass Lenders Mortgage Insurance without having to stress about providing an extra 18% in your deposit.
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.