On 19 June 2021, the Australian Government announced new property price caps for the First Home Loan Deposit Scheme and the Family Home Guarantee. View an overview of the property price caps.
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.
View the Family Home Guarantee fact sheet.
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 is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
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 a modest home with a deposit of as little as 5 per cent (lenders criteria also 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.
Property price caps apply across capital cities, large regional centres and regional areas. Find out the relevant property price cap for the area you plan to buy.Property price thresholds
Use our Eligibility Tool to see if you (and your partner if you're applying as a couple) are eligible to use the First Home Loan Deposit Scheme to purchase a new or existing home.Eligibility