Government Schemes

The Australian Government’s New Home Guarantee

Why wait to get your first home when you have everything at your fingertips to start right now?

The New Home Guarantee: More Opportunities To Buy Your First Home

Great news for first-home buyers!

The New Home Guarantee has been extended, offering an additional 10,000 places from 1 July 2021 to 30 June 2022.

Typically, first home buyers with less than a 20% deposit are required to pay lenders mortgage insurance. However, under this scheme, eligible first home buyers can have part of their home loan guaranteed by NHFIC (National Housing Finance and Investment Corporation). This enables you to purchase your first home sooner, with as little as a 5% deposit.

The guarantee provided by NHFIC covers up to a maximum of 15% of the value of your property, as assessed by your lender. It's important to note that this guarantee is not a cash payment or a deposit for your home loan. Instead, it offers peace of mind and increased accessibility to home ownership.

Take advantage of the New Home Guarantee and explore the possibilities of buying your first home with a smaller deposit.

View the New Home Guarantee fact sheet to learn more.

If your home loan is covered by the Scheme, you can also access other government programs - like the Australian Government's First Home Super Saver Scheme, Home Builder Grant, or First Home Owner Grant and concessions that may be offered by State and Territory governments. These other programs apply their own criteria and conditions, and you should make your own enquiries on their terms.


What type of home can I buy?

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

What are the important timeframes?

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.

What is Family Home Guarantee Scheme?

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.

Who is eligible?

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:
    1. "Dependent child" as per subsections (2), (3), (4), (5), (6), and (7) of section 5 of the Social Security Act 1991, or
    2. 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.

What if I used to own a home?

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

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Christine Cappas
Christine Cappas
Mike is a truly genuine person who cares about his client. From the start he was very transparent and let me know how everything works, he is very knowledgeable and knows his stuff! I completely trust him in buying and buying my first home
Monserrat Reuter
Monserrat Reuter
I built my first home all on my own thanks to Sev and Marlise. I don’t even know where to start as words cannot describe how grateful I am that I found these two. To build my own home was only a dream that Sev and Marlise helped make into a reality. The unconditional support and dedication towards whatever I needed throughout the whole process made me feel so safe and looked after. Even though I built my dream home on my own it never felt that way, it didn’t matter the time or day, these guys went out and beyond for me with every detail and step of the process. They are people of their word that you can genuinely trust in this dog eat dog world. They are upfront and honest, it was never about the money but how you felt leaving their office. I had many friends and family tell me about the awful experiences they had building with other companies, so naturally I was a little frighten and on guard but Sev me Marlise squashed this with one meeting. But the biggest thing I can say about Sev and Marlise is that my experience was incredibly fulfilling and wholesome and I am so grateful for them and their expertise and professionalism. If I ever decide to build again I know exactly where to go! Thank you guys so much for all the love and support which has continued even after the build. Much love to you all!! 😊
Ashley De Faria
Ashley De Faria
Sev and Marlise were so incredible throughout our time with them. We’re so happy that we got to work along side an epic team. My partner and I had a vision, Sec and Marlise happily put up with our pickiness and changes (including after hour messaging), and did everything they could do bring that to life. They are so warm and welcoming too making this whole crazy big process more enjoyable. I couldn’t recommend these two enough!
Raphaela & Amelia Jay
Raphaela & Amelia Jay
Mike was wonderful from the beginning and still helpful. We were about to give up Building but Mike assured us that he will definitely make it happen. Thank you Mike
Errin Patsy
Errin Patsy
Contacted Mike by chance for a new build and was met with honest and factual help. Excellent follow up and support, Mike is reliable and will go out of his way to get the best deal.
Rhys Crawford
Rhys Crawford
Mike has been helpful and reliable in getting my first home build started and well on its way to a timely completion. I recommend his services to anybody looking to build a new home!
Natasha Hanisch
Natasha Hanisch
When searching for a home loan you need to be able to rely on someone you can trust to be able to present you with all the options available and give you the right information to make the right decisions. Mike King from Better Way 2 Build is able to do all of this and so much more, with his extensive experience and knowledge he was able to answer confidently and made us feel at ease using Better Way 2 Build. Everything was handled quickly, efficiently and his customer service is the best you could find anywhere else. "Thanks Mike for helping change our lives.”
Mk Ultra
Mk Ultra
Mike King has helped my little family get into our own home by guiding us through everything that is to know for building a house. I did not know anything about building, I was shown and given 100% support for the process of owning my own home and I am still being supported during the build. I was given an amazing package deal much cheaper then I predicted with heaps of extras, in the location I wanted. Mike King has made it easy to understand the process and I would highly recommend him.