Family Home Guarantee | G&C Mutual Bank

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.

Family Home Guarantee FAQ's:

What is the Family Home Guarantee?

The Australian Government introduced the Family Home Guarantee to support eligible single parents or eligible single legal guardians on a pathway to home ownership. Under the Family Home Guarantee, eligible single parents or eligible single legal guardians can purchase with a deposit as little as 2 percent. Housing Australia provides a guarantee to the participant lender for up to 18 percent of the value of the property purchased that is financed by the eligible home loan. Therefore, the home buyer does not need to pay lenders mortgage insurance (LMI) or rely on a guarantor. The guarantee is not a cash payment or a deposit for a home loan.

Are you eligible for the Family Home Guarantee?

An eligible single parent or eligible single legal guardian is not required to be a first home buyer but must not own separate property at the time of settling a loan under the Family Home Guarantee. The eligible single parent or eligible single legal guardian must meet the eligible lender’s credit assessment criteria.

You can check your potential eligibility on the Housing Australia website .

If you're ineligible for the Home Guarantee Scheme, we will work with you to explore other options to help you get into your first home.

What is the maximum property purchase price under the New Home Guarantee?

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Home Guarantee Scheme (HGS).

The maximum property price varies depending on your location. Use Housing Australia's online tool to check the property price threshold for the location in which you are looking to purchase.

How do you apply?

Reservations for the Family Home Guarantee (FHG) through G&C Mutual Bank are available now. Places are limited, so contact us for more information.

We'll help you navigate the process, and submit a request to reserve a place in the Scheme on your behalf.

Should you have any queries, we're ready to help you via our online home loan application, online enquiry form, by phone on 1300 364 400, in person at one of our Service Centres, or connect with a Mobile Lender to discuss your financial circumstances at a time and place that suits you.

Other first home buyer assistance

First Home Owner Grant: The First Home Owner Grant is a government scheme providing a one-off payment for eligible first home buyers who purchase or build a residential property to live in.

Stamp duty concessions: Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.

The First Home Super Saver Scheme: The First Home Super Saver Scheme allows you to save money for your first home using your superannuation fund. This scheme, run by the Australian Taxation Office (ATO), helps first home buyers save faster by allowing them to withdraw voluntary super contributions they’ve made to their super.

Enquire about the Family Home Guarantee today

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Additional information and documents

A Fact Sheet and Information Guide on each Guarantee are available to download from the Housing Australia website .

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Footnotes:

¹ Eligibility criteria, terms and conditions and fees and charges apply.
² Comparison rate based on $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.