Are you a single parent?

People First Bank could help eligible single parents and eligible single legal guardians of at least one dependent into their own home sooner, with the Australian Government 5% Deposit Scheme.

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How does the Australian Government 5% Deposit Scheme work for single parents?

The Scheme helps you into your new family home with as little as a 2% deposit if you meet the eligibility criteria. No income caps, no waitlists and no LMI helping get you into your own home sooner.

People First Bank is a participating lender offering the Scheme. If you're interested in applying please register your interest below or speak with our Home Loan Specialists to discuss the options available to you.

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Key Scheme features:

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    Low deposit options  – minimum 2% for single parents

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    No income cap

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    No Lenders Mortgage Insurance (LMI)

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    Wide choice of home types

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    Government-backed support: A Government guarantee is provided to the lender for your loan

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    Unlimited spots and no waiting lists

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    Purchase a property up to the property price caps set by the Scheme for your location

Who is eligible for the Australian Government 5% Deposit Scheme?

You can find more information about the Australian Government 5% Deposit Scheme and eligibility criteria on the Housing Australia website.

To be eligible as a single parent, you need to meet the following criteria:

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Applying on your own (no joint applications)
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Be an Australian citizen or permanent resident

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Have a minimum 2% deposit
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Buying a home in Australia priced at or below the location's price cap

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Not have any other property interest once your new home settles

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Planning to live in the home as an owner-occupier (no investment properties) 

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Applying for an owner-occupier home loan with Principal and Interest repayments up to 30 years

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Single parent or single legal guardian of one or more dependent children

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Property price caps

Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Australian Government 5% Deposit Scheme. The property price caps are the same for all Scheme Guarantees. Visit the Housing Australia website to use the Property Price Cap Tool – a postcode search tool to help you determine the property price caps for the suburb you are purchasing in.
Visit the Housing Australia website
Register your interest in the First Home Guarantee
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