Single Parents
We’re an approved lender for the Australian Government 5% Deposit Scheme.
Your single parent and single legal guardian customers may be eligible.
MyState Bank is a proud Participating Lender for the Australian Government 5% Deposit Scheme.
How does it work?
The Australian Government 5% Deposit Scheme helps single parents or legal guardians who have saved a minimum 2% deposit to buy a new family home with a Government guarantee.
If you have a customer that is a single parent or single legal guardian with at least one dependent child purchasing a home, and you think they may be eligible, here are your next steps:
Review the scheme requirements
You can check eligibility of your customers using the Borrower Eligibility Tool on the Government website – a questionnaire to help identify borrower eligibility for the Scheme.
Submit the loan application
Make sure you include the Home Buyer Declaration Form.
Is your customer eligible?
If you can tick off all of these requirements, then most likely, your customer is eligible to receive the offer:
- They’re applying on their own (no joint applications)
- They are a single parent or single legal guardian of one of more dependent children
- They are an Australian citizen or permanent resident who are at least 18 years of age
- They have saved a minimum deposit of 2%
- They don’t have any other property interest once their new home settles
- They are buying a home in Australia priced at or below the location’s price cap
- They are planning to live in the home as an owner-occupier (not an investment property)
- They are applying for an owner occupied home loan with principal and interest repayments for a term up to 30 years (plus up to three years to build a new home)
Property Price Thresholds
Use the Property Price Cap Tool – a tool to help home buyers determine the property Price Caps for the suburb they are purchasing in.
