The Australian Federal government have announced a new program called Family Home Guarantee. It is designed to help single mums and dads to fulfil their dream of owning their own home.
Starting on July 1 2021 will allow single parents to buy a house with a deposit of as little as 2 percent of the house price. This will be available to up to 10,000 single parents. There will be a property price cap that will vary depending on the state that applicant lives in.
How does the Family Home Guarantee Work?
- A 2% deposit will be required, the federal government will guarantee the remaining 18%
- Applicants can either build a new home or purchase an existing home
- Applicant must have dependent children
- There will be 2,500 spots each year for 4 years
- Single parents earning up to $125,000 a year will be eligible
- Applicants must be aged over 18 years old
- Applicants can be first home owners or can have previously owned a home
How to apply for the Family Home Guarantee?
Visit the National Housing Finance and Investment Corporation (NHFIC) website, where more information will be available in the coming days.
Other relevant articles
Learn about the single parents pension and if you are eligible.
Budget to save your home deposit:
- Keep your grocery budget to under $50 a week
- General budgeting tips for families
- Make up to $700 a year with Flybuys