Family Home Guarantee at Great Southern Bank
At Great Southern Bank we are passionate about helping all Australians own their own home. With our continued involvement in the Australian Government’s home buyer initiatives, we are pleased to be able to support eligible single parents buy a home through the Family Home Guarantee (FHG).
The Family Home Guarantee supports eligible single parents to purchase a family home, whether it be a first home or re-entering the property market, with as little as 2% deposit without having to pay Lenders Mortgage Insurance (LMI).
Availability and coverage
From 1 July 2021, 10,000 Family Home Guarantee scheme places will be made available by the Australian Government over four financial years. Under the Family Home Guarantee, at Great Southern Bank we are pleased to support eligible customers to purchase:
- A new or existing home with a deposit comprised of genuine savings of between 2 per cent and 20 per cent.
Registration and eligibility
To register your interest for the Family Home Guarantee please submit the enquiry form below and a Great Southern Bank Home Loan Specialist will be in touch.
If you are looking to buy your first home, you may be eligible for the Australian Government’s First Home Loan Deposit Scheme (FHLDS) or New Home Guarantee (NHG).
Please visit our FHLDS and NHG site for more information.
Register your interest
Simply complete and submit the form and a Home Loan Specialist will be in touch.
The process
1. Check your eligibility
Using the online tools
2. Register your interest
or chat to a Great Southern Bank Home Loan Specialist
3. Apply and be approved
for a Great Southern Bank home loan (Great Southern Bank’s normal lending criteria will apply), at which time we will make an application to reserve your place in the scheme
4. Buy an eligible home
within 90 days of scheme approval
5. Move into your home
within six months of settlement (exceptions apply for new builds).
Eligibility
There are a number of eligibility requirements you should be aware of. These include:
The government has created a handy online tool to help you check your eligibility for the scheme:
- You must be aged 18 years and over, a single parent with at least one dependent, be an Australian citizen and have a valid Medicare card
- In the last financial year, you must have earned less than $125,000. Child support payments are not included as income for the purpose of the income cap.
- You’ll need to have your 2020-21 tax return completed and have received a Notice of Assessment from the ATO
- You must not be married or in a de-facto relationship
- You can be either a first home buyer or previous home owner who does not currently own property.
- The property you are looking to purchase must be an acceptable property type and within the property price threshold for your suburb and postcode. You can view the property price cap for your suburb on NHFIC’s website
The government has created a handy online tool to help you check your eligibility for the scheme:
Important Information
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit License 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval. The National Housing Finance and Investment Corporation will make 10,000 Family Home Guarantees available over four financial years from 1 July 2021. Ask us for details. More information about the Family Home Guarantee and the NHFIC is available at www.nhfic.gov.au.