We can help single parents and first home buyers under the Family Home Guarantee and First Home Loan Deposit Scheme extension from 1 July
The Mutual Bank is the only local bank from the Hunter Region participating in the Federal Government’s recently announced Family Home Guarantee and extended First Home Loan Deposit Scheme (FHLDS) and New Home Guarantee.
What is the Family Home Guarantee?
The Family Home Guarantee is an Australian Government initiative that aims to support eligible single parents with dependants to purchase a new or existing family home. Under the Family Home Guarantee, from 1 July 2021, 10,000 places will be available to eligible single parents over four years to purchase a home with a deposit of as little as 2%.
What is the First Home Loan Deposit Scheme and New Home Guarantee?
The New Home Guarantee was brought in last year (2020) as part of the FHLDS. The FHLDS means that first home buyers can apply for a home loan with a deposit as little as 5%, without needing to pay Lenders’ Mortgage Insurance.
Under the 2021-22 Federal Budget announced on 8 May, another 10,000 places will be available for first home buyers under FHLDS, while New Home Guarantee (a scheme for eligible first home buyers purchasing new homes) will be extended with another 10,000 places released. Additionally, the Family Home Guarantee was announced with places in all three Schemes available from 1 July 2021.
The Mutual Bank’s CEO, Geoff Seccombe, has welcomed the Scheme announcements.
Geoff said having to save a deposit of only 5%, or even 2% for single parent families, and pay no mortgage insurance, makes it a lot easier for first home buyers and single parent households to achieve the security of their own home.
“With high rents and property prices in the Hunter Region, it can be hard to save enough for that deposit,” Geoff said.
“For single parents, with today’s property prices, even getting 5% deposit saved can be tough, so this extra Government help means they can have the security of their own home much sooner.”
“The Mutual Bank welcomes this announcement from the Federal Government which puts homes in reach of single parent families and people looking to get into the market for the first time.”
He said The Mutual Bank’s team members are the local experts in home loans for first home buyers.
“We have been a strong supporter of the First Home Loan Deposit Scheme and part of the panel of lenders from the beginning.”
“We’ve helped many first home buyers get into the property market.”
“And our members love banking with a local, member-owned bank that offers great service and puts profits back into helping members and the Hunter community.”
If you want to know more about these government incentives, including eligibility requirements, or other banking options available to you to help you get a home of your own, please register your interest by contacting our Member Services Team on 1300 688 825, at your nearest branch or themutual.com.au
Eligibility criteria, terms and conditions apply to the Family Home Guarantee and First Home Loan Deposit Scheme New Homes Guarantee. Eligibility criteria, terms, conditions, fees, and charges apply to all loans and are available on application. Issued by Maitland Mutual Limited trading as The Mutual Bank (ABN 94 087 651 983, AFSL/Australian credit licence 238139).