The Family Home Guarantee is an initiative from the Federal Government to help single parents buy their home with a deposit of as little as 2%, without the need for Lenders Mortgage Insurance (LMI). Unlike the other Government Guarantees (FHLDS & NHG), this Scheme is available for eligible single parents regardless of whether they’re a first home buyer or have owned a property before.
Gateway Bank is delighted to be helping single parents to purchase their family home, while helping them save the cost of LMI.
Places for the Family Home Guarantee are limited. Please register your interest with Gateway Bank to secure your place*.
In the 2021-2022 Federal Budget, the Australian Government announced 10,000 Family Home Guarantee places, that will be made available over four financial years to 30 June 2025, to eligible single parents with at least one dependent child, subject to their ability to service a loan. These parents are not required to be first home buyers.
The Family Home Guarantee allows eligible single parents to buy a home with a deposit of between 2% to 20% of the property’s value (eligibility criteria applies). The National Housing Finance and Investment Corporation (NHFIC), which oversees the Scheme, will then provide a guarantee to the lender covering up to 18% of the property’s value.
The NHFIC has appointed Gateway Bank to offer loans to be guaranteed under the Family Home Guarantee, which will support up to 10,000 loans over the next 4 financial years. Apply now to secure your Family Home Guarantee place with Gateway Bank.
Find out if you meet the Family Home Guarantee’s eligibility criteria. Please note that this tool is provided as a guide only and does not guarantee that you will receive either a FHG place or a loan from Gateway Bank.
You will only be eligible to participate if you can answer yes to the following questions:
Things you should know:
*Please note that the number of available Scheme places are limited each financial year and applying with Gateway Bank does not guarantee a successful application.
Rates advertised apply to principal and interest repayment types only. Gateway reserves the right to vary these interest rates at any time. Comparison rates are calculated based on a loan amount of $150,000 over a 25 year term. WARNING: Comparison rates are 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. Applications for finance are subject our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
1 Variable rate special offers are available for a limited time only and may be varied or withdrawn at any time. The offer is available for new loans and top ups of $50,000 or more.
* Please note that we are not able to provide Construction Loans under the First Home Loan Deposit Scheme.