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Family home guarantee

Family home guarantee

The Family Home Guarantee (FHG)

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You could be a home owner before you know it.  

We know how hard it can be to save for a deposit as a single parent. That’s why we’ve signed on as an approved lender to the Government’s home buyer initiative, the ‘Family Home Guarantee’.

The Family Home Guarantee (FHG) 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.

How does the Family Home Guarantee (FHG) work?

Eligible single parents with dependants looking to build a new home or purchase an existing home are able to apply for a loan to purchase an eligible property through a participating lender. The Family Home Guarantee program is administered by the National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government.

NHFIC guarantees to a participating lender up to 18 per cent of the value of the property, provided the borrower has a minimum 2 per cent deposit, and is eligible for the program. This will enable single parents with dependants to enter, or re-enter, the housing market sooner.

You can check your eligibility below or view the Government’s Family Home Guarantee (FHG) Fact Sheet for more information. You can use the Government's eligibility tool to answer a series of questions to find out if you're eligible.

If you have any questions, call us on 132 888.

To be eligible, you need to tick a few boxes. Here’s the requirements we need about you:

  • You are a single parent with at least one dependant  
  • You’re aged over 18
  • You’re an Australian citizen
  • You earnt less than $125k taxable in the last financial year (Child support payments are not included as income for the purpose of the income cap)
  • You do not currently have a freehold interest in real property in Australia, a lease of land in Australia or a company title interest in land in Australia

There’s also a few other requirements, depending on what you want to buy. These include:

  • The property you want to purchase is a residential property
  • If you’re building, the loan also includes construction costs to build a residential property on the land you want to buy
  • You stay under the price caps for each state and region.
  • You must apply for a Principal and Interest loan (no Interest-Only loans)

By taking out a home loan with us you'll be part of a customer-owned bank that delivers better value for customers and the positive projects they believe in.

Our profits are returned to customers through better rates and fees, and our investments are used to create positive social and environmental change – such as through our Impact Fund, where we donate 4% of our after-tax profits. Learn more about us.

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Eligibility

When submitting your application, you will need to confirm:

  • You are at least 18 years of age.
  • You are an Australian Citizen or permanent resident of Australia.
  • Your are currently in receipt of regular income.
  • You have maintained a good credit history for the past 5 years.

What you'll need to complete a pre-check:

  • Income - gross (before tax) and net salary (after tax), employment details and other income (from shares, rental property, etc.)
  • Assets - approximate values of property, vehicles, savings, superannuation, etc.
  • Liabilities - loan balances, repayment amounts, credit card or overdraft limits, etc.

To complete the full application, you will need a form of ID if you're not a Bank Australia customer. To verify your identify online please have one or more of these documents with you:

  • Australian Drivers Licence
  • Australian Medicare card
  • Passport
Explore our home buying hub

Want more information about buying a home? Explore our home buying hub.

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