On 8 May 2021, under the 2021- 2022 Budget, the Australian Government announced the extension of the New Home Guarantee and the establishment of a new program called the Family Home Guarantee.
Family Home Guarantee
The Australian Government has announced a new program called the Family Home Guarantee, which provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan.
From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
The Family Home Guarantee is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier. Applicants must be Australian citizens, at least 18 years of age and have an annual taxable income of no more than $125,000.
New Home Guarantee extended for 2021-22
An additional 10,000 New Home Guarantee places will be available from 1 July 2021 to 30 June 2022. Find out more about the eligibility criteria for the New Home Guarantee.
The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative to support eligible first home buyers to build or purchase a first home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase or build a new home with a deposit of as little as 5 per cent (lenders criteria apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
10,000 First Home Loan Deposit Scheme places will be available for the 2021-22 financial year from 1 July 2021.
In the 2020-21 Federal Budget, the Australian Government announced an additional 10,000 FHLDS places for the 2020-21 financial year, specifically for eligible first home buyers building or purchasing new homes. These additional places are known as the New Home Guarantee.
There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.
To find out more information about the First Home Loan Deposit Scheme and the New Home Guarantee, please select an option below:
Learn more about the New Home Guarantee
Apply directly with a participating lender
Meet some of our first home buyers who have benefited from the Scheme
Contact a participating lender if you have questions or would like to apply for a Scheme place.
Have a general question about the Scheme?