Help for single parents to buy a home
The Mutual Bank is proud to play a part in helping make home ownership a reality for single parent families.
The Mutual Bank is one of a limited number of participating lenders appointed by the National Housing Finance and Investment Corporation (NHFIC) to offer the Family Home Guarantee which is part of the Australian Government’s Home Guarantee Scheme.
The Family Home Guarantee initiative aims to support eligible single parents with dependants, to buy a new or existing family home with a minimum of a 2% deposit regardless of if they have been a previous homeowner.
Under this scheme there’s no Lenders Mortgage Insurance to pay which enables you to purchase your home sooner.
Scheme eligibility:
- Australian citizens aged over 18
- A single parent with at least one child
- The single parent must have an income below $125,000 pa for the previous financial year
- The single parent must be the only name listed on the loan and the certificate of title
- Individuals must have at least 2 per cent of the value of the property as a deposit
Eligible residential properties include:
- an existing house, townhouse or apartment
- a house and land package
- land and separate contract to build a home
- an off-the-plan apartment or townhouse
There are property price caps which vary depending on the location in which you buy. You can work out your property price cap by visiting the NHFIC website.
Family Home Guarantee applicants can be either first home buyers or previous owners who do not 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.
A single parent under the Scheme is one who is either divorced or has never been married. Parents who are not divorced or are in a de facto relationship are ineligible.
A limited number of Family Home Guarantee places are available over four financial years to 30 June 2025.
We can help you through the application process.
To register your interest for a place in the Family Home Guarantee scheme please enquire now or talk to us on 1300 688 825.
