The Australian Government’s New Home Guarantee

Eligible New Home Guarantee properties include:

• Newly constructed dwellings
• Off-the-plan dwellings
• House and land packages
• Land and a separate contract to build a new home
• Use the postcode search tool to look up the property price caps for your location

When it comes to the New Home Guarantee, it’s essential to be aware of the specific timeframes based on the type of home you’re buying or building. For all eligible properties, whether it’s an existing home or a new construction, a contract of sale and/or an eligible building contract must be entered into before the 90-day pre-approval period expires.

However, if you find that you are unable to meet the timeframes or requirements for eligible properties under the New Home Guarantee, there’s no need to worry. You still have another option available — the First Home Loan Deposit Scheme.

The First Home Loan Deposit Scheme provides an opportunity to build or purchase a new home if the New Home Guarantee doesn’t align with your circumstances or preferences. This scheme offers an alternative path to home ownership, ensuring that you can find a suitable solution that meets your needs.

Explore both options carefully and consider the specific timeframes and requirements associated with each scheme. This way, you can make an informed decision that aligns with your home buying goals and aspirations.

The Family Home Guarantee is specifically designed to assist eligible single parents with at least one dependent child in purchasing a family home. Whether you are a first home buyer or a previous homeowner, this scheme aims to provide support and opportunities for single parents to secure a home for their family.

Over a period of four financial years, starting from July 1, 2021 and ending on June 30, 2025, a total of 10,000 Family Home Guarantees will be made available.

Typically, home buyers with less than a 20% deposit are required to pay lenders mortgage insurance. However, under the Family Home Guarantee, eligible home buyers can benefit from a guaranteed portion of their home loan from a Participating Lender. This allows you to enter the housing market with as little as a 2% deposit, making it easier to achieve your dream of owning a home.

It’s important to note that the guarantee for your home loan can cover up to a maximum of 18% of the property’s value, as assessed by your lender. However, it’s crucial to understand that this guarantee is not a cash payment or a deposit for your home loan.

In addition to the Family Home Guarantee, you may also have access to other government programs such as the First Home Super Saver Scheme, Home Builder Grant, and First Home Owner Grant. These programs have their own criteria and conditions, and it’s recommended to inquire about their terms and eligibility requirements separately.

To learn more about the Family Home Guarantee and its details, we encourage you to review the Family Home Guarantee fact sheet. By exploring these opportunities and government initiatives, you can make informed decisions and take advantage of the support available to you as a single parent looking to secure a home for your family.

To determine your eligibility for the Family Home Guarantee as a single parent, you must meet specific criteria. Here are the requirements:

1. Single Status: To be considered single, you must not have a spouse or de facto partner. It’s important to note that individuals who are separated but not yet divorced are not classified as single for the purposes of this scheme.
2. Dependent Child: You must have at least one dependent child. A dependent child is defined as follows:
   a. “Dependent child” as per subsections (2), (3), (4), (5), (6), and (7) of section 5 of the Social Security Act 1991, or
   b. A child who is at least 16 but under 22 years of age, receives a disability support pension under the Social Security Act 1991, and resides with you.

As per the Social Security Act 1991, being a single parent means that you have the legal responsibility, either solely or jointly with another person, for the day-to-day care, welfare, and development of the dependent child. The dependent child should be under your care and residing with you.

By meeting these requirements and fulfilling the criteria for single parent status, you can determine your eligibility for the Family Home Guarantee. It is essential to understand and demonstrate your legal responsibility and care for your dependent child, as defined by the Social Security Act 1991, in order to participate in the scheme.

Please note that the eligibility criteria may vary, and it is advisable to consult the specific guidelines and regulations provided by the relevant authorities to ensure your eligibility as a single parent.

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