Great opportunity for eligible single parents
Life as a single parent can present some challenging circumstances. One of the main issues facing many single parents is securing suitable housing for themselves and their children.
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.
With as little as 2% deposit, eligible single parents and single guardians will be able to enter, or re-enter, the housing market and enjoy stable living arrangements sooner.
The Australian Government 5% Deposit Scheme is administered by Housing Australia, on behalf of the Australian Government. It guarantees to us, as a participating lender up to 18 percent of the value of the property.
We’re proud to be a participating lender and look forward to helping even more families into their homes.
Am I eligible?
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You must be an Australian citizen or permanent resident at least 18 years of age, and a single parent or single legal guardian of one or more dependent children.
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You must meet the Bank's lending criteria and be able to afford to repay the loan.
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As the single parent or single legal guardian, your name must be the only name listed on the loan and the title.
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You must be able to provide a deposit of at least 2% of the value of the property. If you have a deposit greater than 20% your home loan cannot be covered by the Scheme.
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You must intend to be the owner/occupier of the purchased property.
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You can either be a first home buyers or previous owner-occupiers who do not currently own a home.
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There are property price thresholds that will apply in capital cities, large regional centres and regional areas. Use Housing Australia's property price threshold tool to work out the maximum property purchase price in the area you're interested in under the Scheme.
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The property you wish to purchase must meet the property eligibility requirements under the Scheme.
We're here to help you with your application
If you meet the eligibility criteria the next step is to reach out to our team who can assist with your application. Complete our simple online enquiry form and a team member will be in contact with you shortly.
Key information about the Scheme
Get home and contents insurance worth having
Insurance you can rely on is worth its weight in gold. Help protect your home by making sure you have adequate cover in place. We offer a range of options, great payment flexibility, and we have a dedicated insurance team who can assist you.
The application process
Check your eligibility
Check your eligibility for the Scheme using Housing Australia's online tool.
Chat to us
We’ll have a preliminary discussion to make sure you can afford a loan and meet the Bank’s lending criteria.
Make an appointment
Enquire online and a Bendigo team member will be in contact shortly to assist you with your application
Buy your home
Purchase a property that meets the conditions of your Single Parents approval within 90 days.
Handy tips for first home buyers
Things you should know
Terms and conditions, fees, charges, eligibility and lending criteria apply. Full details available on application. All information is correct as at 1 July 2023 and is subject to change without notice.
Target Market Determinations for products are available.
