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Single Parent 2% Australian Government Guarantee Scheme
The Single Parent Australian Government Guarantee Scheme was previously known as the family home guarantee scheme.
The Single Parent Australian Government Guarantee Scheme is a federal government backed scheme, where the government will guarantee your home loan, and you may not pay a mortgage insurance fee if you are an eligible single parent.
The Single Parent Australian Government Guarantee Scheme means an eligible home buyer maybe able to borrow up to 98% of the property value, and not pay a mortgage insurance fee, as the federal government will guarantee the home loan for the bank. The family home guarantee scheme is administered by the National Housing Finance and Investment Corporation (NHFIC).
If you are an eligible single parent The Single Parent Australian Government Guarantee Scheme means you maybe able to purchase your home with a 2% deposit, plus fees like transfer stamp duty, and not pay a mortgage insurance fee.
The Single Parent Australian Government Guarantee Scheme applicants can be either first home buyers or previous owners who do not currently own a home.
The scheme is available for both buying an existing home or if you would like to build your first home ( depending on the banks eligibility). Please note their are conditions to the family home guarantee scheme, so please contact your mortgage broker, before you enter into any property transactions, to check your eligibility.
Please note too, if you are eligible for The Single Parent Australian Government Guarantee Scheme, and are a first home buyer, you may still be eligible for the first home owners grant in Western Australia too, so it is worth checking with your mortgage broker, to see what you might be eligible for, before making any decisions.
Some of the conditions of the Single Parent Guarantee Scheme -
- You must be an Australian Citizen or a permanent resident of Australia ( Permanent resident has the same meaning as in the Australian Citizenship Act 2007 (Cth),)
- The property you buy must be owner occupied ( You must live in the property)
- be single. A person is considered single if they don’t have a spouse and/or a de facto partner. Note: a person who is separated but not divorced is not considered single.
- have at least one dependent child. To have a dependent child, you must be the natural or adoptive parent of the child and the child must either be
- a “dependent child” within the meaning of subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991 or
- at least 16 but under 22 years of age, receive a disability support pension within the meaning of the Social Security Act 1991 and live with you.
- 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
There are maximum purchases prices based on location in Western Australia, they are -
1/ In a capital city (Perth) - $850,000
2/ In other parts of the state in Western Australia - $600,000
Not all banks or lenders are participating in the Single Parent Australian Government Guarantee Scheme, so if you have any questions contact your mortgage broker to find which lenders or banks are participating in the scheme.
If you would like some more information about the Single Parent Australian Government Guarantee Scheme, please contact Perth Mortgage Broker Group , or call Troy on 0411 229 602, 7 days a week
