What is the Family Home Guarantee?
The Family Home Guarantee (FHG) is an Australian Government initiative to help you as an eligible single natural or adoptive parents of at least one dependent and eligible single legal guardians of at least one dependent, such as aunts, uncles or grandparents enter or re-enter the property market sooner with a home for your family. It is administered by Housing Australia under the Home Guarantee Scheme (Scheme) on behalf of the Australian Government.
Usually as a home buyer with less than a 20 per cent deposit, you need to pay lenders mortgage insurance. Often, this could amount to thousands of dollars. Under the Family Home Guarantee, you can purchase a home with a deposit of as little as 2 per cent without the big cost of lenders mortgage insurance. This is because Housing Australia guarantees to a participating lender up to 18 percent of the value of the property purchased that is financed by an eligible family home buyer’s home loan.
To find out more or assess your eligibility, talk to us, download the Family Home Guarantee Fact Sheet or view the information guide.