Your new family home with as little as 2% deposit.
At Great Southern Bank we’re committed to helping more Australians buy their own home. This includes single parents and legal guardians with dependents looking for their own piece of the great Australian dream.
One of the ways we do this is through our continued involvement in the Family Home Guarantee, which is part of the Australian Government’s Home Guarantee Scheme.
What’s the Family Home Guarantee?
The Family Home Guarantee allows eligible single parents and legal guardians with dependents to buy a family home with as little as 2% deposit.
Traditionally, home buyers need to save a 20% deposit to avoid paying costly Lenders' Mortgage Insurance (LMI). For many single parents and legal guardians, saving a 20% deposit while raising a family on one income can feel like an unrealistic goal. The Family Home Guarantee can help you overcome this barrier.
Support for single parents
Under the Family Home Guarantee, your minimum savings goal drops to 2%. This is because the Australian Government acts as a guarantor, so you don’t have to fork out extra funds for LMI – even if your deposit is less than 20%.
Plus, you don’t need to be a first-time home buyer. The Family Home Guarantee is available to eligible single parents and legal guardians re-entering the property market as well as first-time buyers.
Places are available now
From July 1, 2023, Housing Australia released 5,000 places under the Family Home Guarantee.
Experienced lenders to guide you through the process
This is our fourth year taking part in the Home Guarantee Scheme. During this time, we have helped over 7,000 customers buy a home through the scheme.
(Great Southern Bank’s normal lending criteria will apply.)
- Be aged 18 years and over.
- Be a single parent or legal guardian with at least one dependent.
- Be an Australian citizen or Australian Permanent Resident and have a valid Medicare card.
- Have a taxable income of no more than $125,000 in the last financial year (as shown on the Notice of Assessment issued by the Australian Taxation Office). Child support payments are not included as income for the purpose of the income cap.
- You must not be married or in a de-facto relationship.
- Be a first home buyer or a previous homeowner who does not currently own property.
- Be buying an eligible property within the property price threshold for your area. You can view the property price cap for your suburb on the Housing Australia website.
Speak to one of our Home Loan Specialists via live online chat.
Fill out our online enquiry form and one of our Home Loan Specialists will get back to you to start the process.
Mon - Fri: 8:00am - 6:00pm (AEST)
Discover our other Support Schemes
You could buy a home with as little as 5% deposit and avoid paying Lenders' Mortgage Insurance.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval. Ask us for details. More information about the Home Guarantee Scheme (including the First Home Guarantee, Family Home Guarantee and Regional First Home Buyer Guarantee) and Housing Australia is available at www.housingaustralia.gov.au.
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.