To qualify for the Family Home Guarantee, you need to meet several core requirements.

• You must be an Australian citizen or permanent resident, at least 18 years of age, and a single parent or single legal guardian of at least one dependent. A parent or guardian is not considered single if they are married, in a de facto relationship, or separated but not divorced.
• Your taxable income must be no more than $125,000 for the previous financial year, as shown on your Notice of Assessment from the Australian Taxation Office. Child support is excluded from the income calculation. The loan and property title must only be in your name.
• You must be able to demonstrate that you are the natural, adoptive, or legal guardian of a dependent child, as defined in the Social Security Act 1991. This means proving that you are legally responsible for the child’s daily care and wellbeing. Alternatively, you must show that you are the parent or guardian of a person who receives a disability support pension and lives with you.
• A deposit of at least 2% of the property’s value is required. If you have more than a 20% deposit after paying additional costs such as stamp duty and legal fees, you are not eligible under this scheme. The loan must be principal and interest over the full term (up to 30 years), except for limited interest-only periods related to construction lending.
• You must intend to live in the property as an owner-occupier. At the time of signing the loan, you cannot already own property in Australia (including land, long leases of 50+ years, or company title). If you do hold such an interest, you must no longer hold it by settlement, or you must intend to become the sole registered owner of the purchased property.

As the Family Home Guarantee extends the First Home Loan Deposit Scheme (FHLDS), the same property price caps apply, and these limits differ depending on the location of the property. It’s important to check the specific price threshold for your area before applying.