As part of its 2021-22 Federal budget, the Federal government has announced a new scheme aimed at supporting eligible single parents to purchase a home.
As explained on the Housing Australia website, the Family Home Guarantee “provides eligible single parents with dependants 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”. The scheme will be rolled out over four years, with the Federal government currently committed to issuing 10,000 guarantees.
To be eligible for the Family Home Guarantee, applicants must meet the following minumum requirements (as stated on the Housing Australia website):
- hold Australian citizenship
- be a minimum of 18 years of age
- have a taxable income of no more than $125,000 per annum
The Real Estate Institute of Australia (REIA) issued a media release on May 8th welcoming the news from the Federal government. REIA President, Adrian Kelly, referred to it as “a great outcome and whilst it is for both single men and women, maintains a ‘Pink Budget’ focus on helping women into housing”.
The Property Council of Australia also responded to the new scheme on its website, with Property Council Chief Executive Ken Morrison declaring that “the initiatives will assist the residential sector to continue to drive Australia’s economic recovery”.
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