Family Home

Guarantee (FHG)

QBANK is proud to be a Participating Lender in the Australian Governments new scheme called the Family Home Guarantee, which provides eligible single parents with at least one dependant the opportunity to build a new home or purchase an existing home with a deposit of 2 per cent, subject to the individual’s ability to service a home loan. Family Home Guarantees will be made available over four financial years, from 1 July 2021 to 30 June 2025. QBANK is proud to support the Family Home Guarantee to help single parents purchase a home sooner.


 

Applications now Open

 

Home Loan Loan to Value Ratio Interest Rate Comparison Rate*
Special Offer Classic Variable <98% 3.74% PA 3.77% PA
3 Year Fixed^ <98% 4.89% PA 4.69% PA

1 To be eligible for the above rates, a salary credit of at least $1,500 per month must be deposited into your QBANK transaction account. New lending only.

How does it work?

This is aimed at enabling single parents to purchase a home sooner with as little as a 2% deposit.

Usually, home buyers with less than a 20% deposit need to pay lenders mortgage insurance. Under this Scheme, part of an eligible home buyer’s home loan from a Participating Lender will be guaranteed by the National Housing Finance and Investment Corporation (NHFIC). This is aimed at enabling you to purchase your first home sooner with as little as a 2% deposit.

Eligible borrowers can use the guarantee in conjunction with other government programs like the First Home Super Saver Scheme, HomeBuilder grant or state and territory First Home Owner Grants and stamp duty concessions. 


Who is eligible?

You will only be eligible to participate in this scheme if you:

1. are single. A person is considered to be single if they don’t have a spouse and/or the person does not have a de facto partner.

2. have a dependent child. To have a dependent child, you must be the natural or adoptive parent of the child and the child must either be:

  • 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
  • at least 16 but under 22 years of age, receive a disability support pension within the meaning of the Social Security Act 1991 and live with you.

The applicant is required to make a statutory declaration confirming that they are eligible under the scheme as a single parent with a dependent child. To find out who is covered under this act: Dependent child Definition Social Security Act 1991. You can download the Family Home Guarantee Fact Sheet.

Applicants under the Scheme will be subject to scheme eligibility criteria, including but not limited to criteria in relation to income thresholds and property prices. The Scheme will apply to owner-occupied loans on a principal and interest basis. QBANK standard credit eligibility criteria, terms and conditions, fees and charges will apply to loans under the Scheme.

More information on FHG Scheme

If you would like to know more about the Scheme please download the  Family Home Guarantee Information Guide.visit the NHFIC FHG Website. For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan Key Fact Sheet.


 

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Terms and Conditions apply to home loans and are provided with our loan offer. Fees and charges apply.

Interest rates current as at 21 June 2022 and are subject to change without notice.

If you would like to know more about the Scheme please visit https://www.nhfic.gov.au/what-we-do/fhlds

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate displayed is calculated based on a loan amount of $150,000 over a 25 year term.

^ After the expiry of the fixed rate period, the interest rate changes to QBANK’s Classic Variable Rate (currently 3.84%p.a. for Owner Occupier | 3.87%p.a. Comparison Rate).

Footnotes:

  • 1 Valid for home loan applications of $150,000 or more of new lending for owner occupiers and is available for a limited time only. Interest only not available. To qualify, the customer must deposit a salary credit of at least $1,500 a month into a QBANK transaction account. Offer may be withdrawn at any time. Offer not valid for redraw of advance repayments, existing QBANK members switching loans or internal refinances.
  • 2 After the expiry of the fixed rate period, the interest rate changes to QBANK’s Classic Variable Home Loan Product Rate (currently 3.84%p.a. for Owner Occupier | 3.87%p.a. Comparison Rate and 4.19% for Investor | 4.26% Comparison Rate)