Single parents can apply with as little as 2% Deposit

Friday 02 July 21

Single parents can apply with as little as 2% Deposit

From Thursday 1 July 2021, 10,000 Family Home Guarantees (FHG or Scheme) will be available to eligible single parents. Single parents may use the Family Home Guarantee to build a new home or buy an existing home with as little as a 2% deposit.

Both first home buyers and previous homeowners can apply to purchase an owner-occupied property as their principal residence.

  • Applicants must be an eligible single parent with at least one dependent child. 
  • 2% deposit must be ‘genuine savings’ 
  • There are no restrictions on prior home ownership, but applicants can’t currently own a home. 
  • Property must be the buyer’s primary place of residence.
  • Limited to Australian Citizens, aged 18 or over with income of $125,000 or less as declared in their FY21 (ending 30 June 2021) income tax return.
  • Contracts must be dated on or after 1 July 2021, except land contracts which may be dated at any time.

Verification documents

Applicants for the Family Home Guarantee must provide evidence of their marital status and that they have a dependant in addition to their FY21 ATO Notice of Assessment (NOA).

Acceptable evidence of a dependant includes:

  • Dependant’s Australian Birth Certificate;
  • Dependant’s Adoption Certificate;
  • Consent or Parenting Order issued by the Family Court of Australia;
  • Family Court Order (for agreements whereby another family member may now be responsible for the dependant and thereby being the adoptive parent, e.g. grandparent, aunt/uncle);
  • Centrelink documentation addressed to the applicant showing they are receiving a benefit for a dependant or that details the care arrangement for the dependant (this should be paired with evidence of the dependants age should the documentation not have that detail). 
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Grace Loans and Bethany Massey are Authorised Credit Representatives of BLSSA Pty Ltd, Australian Credit Licence number 391237. Authorised Credit Representative nos. GFS: 523940, Bethany: 513202. Content of site may not be fully up to date as lenders are constantly changing their loans and policies. Any advice provided on this website is of a general nature not taking into account your personal objectives and situation. Such matters are important to consider prior to taking any action. Please make an appointment to discuss your specific situation so that appropriate advice may be given with regard to suitable products using current information.