Family home guarantee scheme

Looking to purchase a property and take advantage of the Family Home Guarantee scheme? The table below displays a selection of variable-rate loans (at any LVR) from our participating Online Partners.

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promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$2,852
Principal & Interest
dot
Cashback up to $4,000*
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$0 application fees, monthly or annual fees
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Apply Online
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391.
Fees & charges apply. Australian Credit Licence 237391.
promoted
Fees & charges apply. Australian Credit Licence 244310.
5.49%
Variable
5.50%
$2,836
Principal & Interest
dot
No upfront or ongoing monthly administration fees
dot
Option to link offset account, fee-free.
dot
Unlimited and flexible repayment options.
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 244310.
Fees & charges apply. Australian Credit Licence 244310.
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$2,880
Principal & Interest
dot
Award-winning products and service. Fast approvals.
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Discover competitive rates, no ongoing fees & flexible options.
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P&N Bank is your local way home.
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701.
Fees & charges apply. Australian Credit Licence 240701.
promoted
Fees & charges apply. Australian Credit Licence 214077.
5.49%
Variable
5.52%
$2,836
Principal & Interest
dot
The search that could save you $$ starts with BCU Bank.
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Competitive rates. No ongoing fees. Flexible options.
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Speak to a local BCU Bank lender today.
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 214077.
Fees & charges apply. Australian Credit Licence 214077.
promoted
Fees & charges apply. Australian Credit Licence 237476.
5.49%
Variable
5.50%
$2,836
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 244310.
5.49%
Variable
5.50%
$2,836
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 244310. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 244310. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 231204.
5.49%
Variable
5.54%
$2,836
Principal & Interest
Owner occupied
5% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 231204. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 231204. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 236476.
5.49%
Variable
5.56%
$2,836
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$2,852
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.79%
Variable
5.85%
$2,931
Principal & Interest
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 244533.
5.49%
Variable
5.85%
$2,836
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 236476.
5.39%
Variable
5.46%
$2,805
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 214077.
5.49%
Variable
5.52%
$2,836
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 238981.
5.49%
Variable
5.55%
$2,836
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 388053.
5.54%
Variable
5.59%
$2,852
Principal & Interest
Cashback
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.64%
Variable
5.76%
$2,883
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237856.
5.49%
Variable
5.85%
$2,836
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$2,880
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 233714.
5.79%
Variable
5.80%
$2,931
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 233714. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 233714. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 234945.
5.94%
Variable
5.95%
$2,978
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 240573.
5.39%
Variable
6.09%
$2,805
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240573. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 240573. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

promoted
Fees & charges apply. Australian Credit Licence 237391.
Interest rate p.a.
Comparison rate^ p.a.
Monthly repayment
5.54%
Variable
5.57%
$2,852
Principal & Interest
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Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

About the Family Home Guarantee

What is the Family Home Guarantee?

The Family Home Guarantee is a scheme launched by the Australian government in 2021. It’s designed to help single parents or guardians with dependents to buy a new or existing home with a deposit as low as 2%, and avoid potentially costly lenders mortgage insurance (LMI).

According to the Australian Bureau of Statistics, single-parent households account for around one in seven families in Australia. The federal government’s Family Home Guarantee exists to give eligible single parents or legal guardians assistance when it comes to purchasing a home. On 1 July 2023, the federal government expanded the Family Home Guarantee eligibilities to include single legal guardians of a dependent, such as aunts, uncles and grandparents.

How does the Family Home Guarantee work?

When purchasing a property, home buyers in Australia would typically need to save up at least a 20% deposit, or pay LMI, an extra cost that can add up to thousands of dollars. This could be charged as an up-front payment, or be added on to the home loan itself and attract interest, costing the borrower much more in the long run. Under the Family Home Guarantee, prospective buyers can have a deposit as low as 2% saved, with the government guaranteeing the remaining deposit amount. This means lenders won’t charge the borrower LMI.

From 1 July 2022 to 30 June 2025, 5,000 Family Home Guarantee places are available each financial year to eligible single parents or legal guardians with dependents. The scheme is part of the Home Guarantee Scheme, which includes the First Home Guarantee (formerly the First Home Loan Deposit Scheme), whereby the government guarantees loans of first home buyers with a 5% deposit.

It’s important to note that the government is not actually paying any of the deposit for the applicant; the scheme simply allows solo parents or guardians to bypass the cost of LMI.

You can use the table at the top of this page to compare a range of mortgages that could be eligible for the scheme, from Canstar’s participating Online Partners. You can also change the filters on the table to suit your requirements. Not all of the participating lenders are enrolled on our database.

Frequently Asked Questions

Eligible single parents or legal guardians can potentially apply for the Family Home Guarantee. However, data from the National Housing Finance and Investment Corporation (NHFIC), which oversees the Home Guarantee Scheme, shows that single mums have been key beneficiaries of the Family Home Guarantee. This data is based on loans from two of the major banks, Commonwealth Bank and NAB.

In particular, NHFIC’s 2023 August report showed 80% of buyers who purchased a home through the Family Home Guarantee were single women with dependent children.

It’s worth stressing though that the scheme is available to all eligible parents and (as of 1 July 2023) legal guardians as well. The key is to meet the eligibility requirements for the Family Home Guarantee, which specify you must:

  • Be a single parent (natural or adoptive) or single legal guardian of at least one dependent. ‘Single’ means you aren’t married or in a de facto relationship. You are not regarded as single for the Family Home Guarantee if you are separated but not divorced.
  • Be earning no more than $125,000 per year.
  • At least 18 years old.
  • Be an Australian citizen or permanent resident.
  • Intend to be the owner-occupier of the property.
  • Not currently own property or intending to own a separate property.

There are also rules around the deposit and home loan you can take out:

  • You must have a home-buying deposit between 2% and 20% of the property value.
  • The term of your home loan can’t be longer than 30 years.
  • Repayments must be for the principal and interest of the loan for the full period of the loan agreement.

The scheme is not just available to first home buyers. Solo parents or legal guardians can still be eligible for the Family Home Guarantee even if they have owned a home previously. That said, you will not be eligible if you currently have a freehold interest in real property, a lease of land or a company title interest in land in Australia.

Unlike some other government home-buyer schemes, properties don’t need to be new builds in order to be eligible – they just need to be residential. The NHFIC identifies eligible residential properties to generally include:

  • an existing house, townhouse or apartment
  • a house-and-land package
  • land and a separate contract to build a home
  • an off-the-plan apartment or townhouse.

The Family Home Guarantee scheme has specific property price limits depending on where you intend to buy. The table below lists the price caps for capital city and regional centres against the rest of the state.

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State Capitals &
regional centres
Rest of state
NSW $900,000 $750,000
Vic $800,000 $650,000
Qld $700,000 $550,000
WA $600,000 $450,000
SA $600,000 $450,000
Tas $600,000 $450,000
Territory All areas
ACT $750,000
NT $600,000
Jervis Bay Territory
& Norfolk Island
$550,000
Christmas Island
& Cocos (Keeling)
Islands
$400,000

Source: National Housing Finance and Investment Corporation (NHFIC), August 2023. The scheme’s website has advised that “capital city price caps will apply to large regional centres with a population over 250,000”, namely Newcastle and Lake Macquarie, Illawarra (including Wollongong), Geelong, Gold Coast and Sunshine Coast at the time of writing. This is because “dwellings in regional centres can be significantly more expensive than other regional areas”.

Not every lender has signed up to the Family Home Scheme, so to apply for a place you will need to head to one of the Scheme’s 30-plus participating lenders. Alternatively, speak to one of their authorised representatives, such as a mortgage broker.

As taxable income is an eligibility requirement, you may need to have your most recent Notice of Assessment from the Australian Tax Office (ATO) on hand as part of your application. The NHFIC recommends speaking to your chosen participating lender to understand the risks of signing a Contract of Sale prior to obtaining your latest Notice of Assessment.

You can find out more information about the scheme on the NHFIC website.

In addition to the Family Home Guarantee, 35,000 places have been made available to first home buyers between 1 July 2022 and 30 June 2023 under the First Home Guarantee. This scheme requires a 5% deposit with zero LMI payable.

The government has also increased the amount that can be withdrawn under the First Home Super Saver Scheme (FHSS) from $30,000 to $50,000. The scheme allows first home buyers to make voluntary contributions to their super, which they can then put towards a house deposit.

The Regional First Home Buyer Support Scheme allows first home buyers outside capital cities to buy a home with 5% deposit and avoid paying LMI.

In addition, as part of the 2022 Federal election, the Labor government announced plans for a ‘Help to Buy’ shared equity scheme, which is proposed to be available to 10,000 eligible home buyers with a minimum deposit of 2%. The idea is that the Federal government will chip in up to 40% of the purchase price of a new home and up to 30% of the purchase price for an existing home. This will mean buyers take out a smaller mortgage and will have smaller repayments.

There are also First Home Owners Grants and concessions on offer from each state and territory.

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Nina Rinella, Editor-in-Chief

Nina Rinella
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Nina has written countless articles about finance and has been interviewed on finance topics by media organisations including The Australian, Realestate.com.au, Domain, the Herald Sun and the Sydney Morning Herald. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for 8 years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids. Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series. You can follow her on LinkedIn and Canstar on Facebook. Meet the Canstar Editorial Team. Have a media enquiry, and interested in featuring Nina as a financial expert and commentator? Contact Canstar’s Media Team today.

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Joshua Sale
Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research Team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products. As one of Canstar’s company spokespeople, Joshua is confident participating in print, radio and broadcast journalism interviews. He has participated in interviews with the Australian Financial Review, news.com.au and Money Magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends. You can follow Joshua on LinkedIn. Have a media enquiry, and interested in featuring Joshua as a financial expert and commentator? Contact Canstar’s Media Team today.

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For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

Home loan Star Ratings are updated daily. During periods of significant market fluctuations, such as adjustments to the reserve bank's cash rate, star rating updates will be paused for variable home loans until the market has stabilised. However, advertised interest rates of products will continue to be updated as advised by lenders. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing up to 80% of the property value, but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.