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First Home Owner Grant (FHOG) Victoria
The Family Home Guarantee (FHG) is a type of Home Guarantee Scheme provided by the Australian government to support eligible single parents or eligible single legal guardians of at least one dependent to buy a home sooner with a minimum deposit of 2% without paying LMI (Lenders Mortgage Insurance).
Eligibility Criteria for Regional First Home Guarantee (RFHBG)
- Minimum 2% deposit required. However, the participating lenders may require more deposits depending on the individual’s financial circumstances.
- Apply as an individual.
- Applicant needs to be Australian citizens or Australian Permanent residents.
- Need to be at least 18 years of age.
- The Notice of Assessment (NOA) of the last financial year for the applicant should be no more than $125,000.
- Applicants should intend to live on the property.
- Applicant should not currently be owing property or intend to buy another property after the guaranteed property is settled.
Who is an eligible single parent and eligible single legal guardian?
To apply for the FHG, home buyers must:
- A person should be considered single and should not have a spouse and/or a de facto partner.
- have at least one dependent. To have a dependent, they must be the natural parent or adoptive parent or legal guardian of:
- a “dependent child” within the meaning of subsections (2), (3), (4), (5), (6) and (7) of section 5 of the Social Security Act 1991; or
- a person in receipt of a disability support pension within the meaning of the Social Security Act 1991 who lives with you.
- they must show that they are legally responsible (whether alone or jointly with another person) for the day-to-day care, welfare, and development of the dependent and the dependent in their care.
What types of properties can be bought under RFHBG?
- An established house, townhouse, or apartment.
- A land and construction package.
- Land and a separate building contract.
- An off-the-plan apartment or townhouse.
Which are the participating lenders for Home Guarantee Schemes (HGS) such as First Home Guarantee (FHBG, Regional First Home Guarantee (RFHBG) and Family Home Guarantee (FHG)?
- Commonwealth Bank of Australia
- NAB
- Westpac Bank
- BankSA
- Bak of Melbourne
- St George
- Australian Military Bank
- Australian Mutual Bank
- Auswide Bank
- Bank Australia
- Bankfirst
- Bank of Heritage Isle
- Bank of Us.
- Bendigo Bank
- Beyond Bank Australia
- Border Bank
- Community First Bank
- Credit unionsa
- Defence Bank
- Firefighters Mutual Bank
- G & C Mutual Bank
- Gateway Bank
- Great Southern Bank
- Health Professionals Bank
- Indigenous Business Australia
- Illawarra Credit Union
- IMB Bank
- Mortgageport
- MyStateBank
- Newcastle Permanent
- People’s Choice
- Policebank
- QBank
- Queensland Country Bank
- Regional Australia Bank
- Teachers Mutual Bank
- The Mutual Bank
- UniBank
Unity Bank