Being a single parent comes with unique challenges, but home ownership shouldn’t be out of reach. The Family Home Guarantee helps by reducing the financial barrier of saving for a large deposit. With as little as 2% saved, you can apply for a home loan with the guarantee that Housing Australia will cover up to 18% of the home loan, which eliminates the need for costly Lenders Mortgage Insurance.

This allows you to focus on providing a secure future for your family, with the added benefit of owning your own home.

Remember: The Family Home Guarantee is not a cash payment, but a guarantee on your home loan. You will still need to meet all home loan costs, including application fees, stamp duty, and legal costs.

To apply for the Family Home Guarantee as a single parent or single legal guardian, you must meet the following criteria:

• Be a single parent with at least one dependent child
• Be an Australian citizen or permanent resident
• 18 years or older
• Have an annual income of no more than $125,000
• Intend to live in the property you are purchasing
• Do not currently own property

Additionally, you will need to provide a Notice of Assessment (NOA) to confirm your income eligibility. This scheme is open to both first home buyers and those who have previously owned a home, giving more flexibility to single parents in different circumstances.

More information can be found here 

To qualify for the Family Home Guarantee, you must be the natural or adoptive parent or legal guardian of at least one dependent child. A dependent is defined under the Social Security Act 1991, and can also include any child or person in receipt of a disability support pension who lives with you.

The Family Home Guarantee allows single parents to purchase a range of residential properties, including:

• Existing houses, townhouses, or apartments
• House and land packages
• Land with a separate contract to build
• Off-the-plan apartments or townhouses

There are price caps based on location, so it’s important to check the limit for your area using the Property Price Cap Tool.