Family Home Guarantee.

During the 2021-2022 Federal Budget on Tuesday Night Treasurer Josh Frydenberg announced a new program called the ‘Family Home Guarantee’.

Riding off the back of the First Home Loan Deposit Scheme, the Federal Government has committed to a very similar scheme called the “Family Home Guarantee” which is aimed at helping single parents into homeownership with a lower deposit.

This program will be providing eligible single parents with dependants the opportunity to build a new home with a deposit of 2%, subject to the individual’s ability to service a home loan.

The guarantee will be open for applications from July 1, 2021 and will offer 10,000 places over four 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.