Single parents will be able to buy their first homes with as low as 2pc deposit from today, with a massive 30,000 new places opening up July 1 for government assisted borrowing.
The National Housing Finance and Investment Corporation confirmed the rollout of the federal government scheme places goes live from July 1.
“From today, 30,000 new places are available under the Australian Government’s First Home Loan Deposit Scheme, the New Home Guarantee, and the Family Home Guarantee,” an NHFIC statement said.
Applications for the three schemes could be made through participating lenders or mortgage
providers, it said, with three specific types of buyers to benefit – single parents with one dependent child, first home buyers going into new builds with low deposits, and FHBs looking to get into a new home with deposits as low as 5 per cent.
There were new property price caps for the First Home Loan Deposit Scheme as well as the Family Home Guarantee.
NHFIC said the Family Home Guarantee – announced in the 2021-2022 federal budget – was targeted at helping eligible single parents with at least one dependent child.
The Family Home Guarantee for single parents was announced in the 2021-2022 federal budget.
“10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to buy a new or existing home with a deposit of as little as 2 per cent,” it confirmed.
Originally published by Sophie Foster in The Courier Mail/Realestate.com.au HERE.
