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Family Home Guarantee

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 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 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, 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 re-entering the property market as well as first-time buyers.

Places are available now

From July 1, 2022, the National Housing Finance and Investment Corporation (NHFIC) released 5,000 places under the Family Home Guarantee.


Experienced lenders to guide you through the process

This is our third year taking part in The Australian Government’s Home Guarantee Scheme. During this time, we have helped over 3,500 customers buy a home through the Home Guarantee Scheme.

“Wayne was an absolute champ during the whole process! Always letting me know what I needed to do and all while answering all the dumb questions I had.”
Enquire today
To find out more, simply complete the form and a Home Loan Specialist will be in touch.
Enquire now
The process
1. Application and scheme approval
Apply for a Great Southern Bank home loan and we’ll make an application to reserve your place in the Family Home Guarantee.
(Great Southern Bank’s normal lending criteria will apply.)
2. Buy an eligible home
Once your place in the Family Home Guarantee is confirmed, you’ll have 90 days to buy your home.
3. Move into your home
You’ll need to move in within six months of settlement. Exceptions apply for new builds.
There are a few eligibility requirements, these include:
  • Be aged 18 years and over.
  • Be a single parent with at least one dependent.
  • Be an Australian citizen 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 NHFIC website.
Enquire now
The Clever Way Home
A podcast series designed to help simplify the home buying process.

Fact Sheets and information guides

Family Home Guarantee - NHFIC Fact Sheet
Family Home Guarantee – NHFIC Information Guide
Connect to a Home Loan Specialist
We are here to help.

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 - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Discover our other Support Schemes

First Home Guarantee

The First Home Guarantee provides eligible first home buyers the opportunity to purchase their first home with a deposit as little as 5%.

More articles for first home buyers

Buying a home as a single parent

While buying a home as a single parent presents some challenges, it’s certainly not impossible. Let us show you how.

Read more

The extra costs of buying a home and how to minimise them

Your home is the biggest thing you'll ever pay for. Sadly the cost doesn't come in one neatly packaged bundle. That's why budgeting properly is a good move.

Read more

The process of buying your first home

Buying your first home can be daunting. But what if we broke it down step-by-step? Well, that’s exactly what we’re going to do right now.

Read more
Important Information

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 and Family Home Guarantee) and the NHFIC is available at

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Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

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First Home Guarantee
Family Home Guarantee

The Australian Government has introduced initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Guarantee and the Family Home Guarantee.

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