G&C Mutual Bank is pleased to be a participant lender in the Family Home Guarantee (FHG) that is part of the Home Guarantee Scheme, an Australian Government initiative to support eligible home buyers purchase a home sooner.
The Family Home Guarantee (FHG) is for eligible single parents or eligible single legal guardians of at least one dependent, including those who are not first home buyers. A single parent under the Family Home Guarantee is one who is either divorced or has never been married. Parents who are not divorced or are in a de facto relationship are ineligible.
The purpose of the Family Home Guarantee (FHG) is to support eligible single parents and eligible single legal guardians to buy a home. It does this by allowing Housing Australia to issue 5,000 guarantees each financial year to eligible single parents and eligible single legal guardians with a deposit of between 2 and 20% of the property value.
The following eligibility criteria apply:
- Applying as an individual.
- Australian citizens or permanent residents who are at least 18 years of age.
- Home buyers must be eligible single parents or eligible single legal guardians of at least one dependent.
- A taxable income of up to $125,000 per year as shown on your ATO Notice of Assessment.
- You must be an owner occupier of the property you are purchasing.
- You must not currently own a home, but do not need to be a first home buyer.
- You must be a buyer who currently doesn’t own property or won’t have any other property interest once your new home settles.
To find out more, including your eligibility, refer to Housing Australia's website.