|The Australian Government has announced a new program called the Family Home Guarantee. It provides eligible single parents with dependants the opportunity to build a new home or buy an existing home with a deposit of 2%.|
Here’s how it’s going to work:
Family Home Guarantees will be from 1 July 2021, 10,000 over four financial years
You’ll still need to be able to meet the bank’s serviceability criteria for a home loan
The Family Home Guarantee is available to first home buyers AND previous owner-occupiers.
You must be an Australian citizen, at least 18 years of age and have an annual taxable income of no more than $125,000.
The government will guarantee up to a maximum of 18% of the property purchase price. This means you won’t have to pay Lenders Mortgage Insurance
Price caps were increased on 19 June 2021 to $800,000 in Capital City and Regional Centres and $600,000 for the rest of NSW
For more information or for help organising your home loan application please get in touch.
Check out the Government Fact Sheet here: