This scheme is aimed at single parents to get them into their own property whether they are first or second home buyers. The government will guarantee a maximum amount of 15% of the value of your property and you provide as little as a 2% deposit.
To be eligible you must be an Australian Citizen, have the legal responsibility for the day-to-day care of at least one dependent child and you must not have earned more than $125,000 on your latest tax return. Note: to be eligible for this scheme you must be a single parent which means you do not have a spouse and are not in a de facto relationship.
Family Home Guarantee Scheme
This scheme is for first home buyers only. The government will guarantee a maximum amount of 15% of the value of your property and you would need to provide a 5% deposit to have the Lenders Mortgage Insurance waived.
To be eligible all parties on the loan must be Australian Citizens, the purchase must be for your first home and you must not have earned more than $125,000 on your latest tax return for one applicant or $200,000 for two applicants.
First Home Guarantee Scheme