The reprieve single parents around Australia have been waiting for is soon to arrive with the announcement of the governments Family Home Guarantee Scheme (FHGS). Amongst the challenges of navigating a new way of life post a relationship breakdown, single parents are left to maneuver through the vortex that is the rental market. With more than 50% of single parents in Australia renting, the new government scheme will make owning the house their family call home, an achievable goal.
With the announcement made on Saturday, single parents will be able to purchase a home of their own with a deposit of only 2%. This means the short fall of 18% will be covered by the government, including any LMI (lenders mortgage insurance) that would ordinarily apply.
Much like the governments New Home Guarantee scheme, which has been extended until 30 June 2022 and 10,000 new spots made available, the FHGS will include a price cap of $600,000 – $850,000 for residents of Melbourne and $375,000 elsewhere in the state. Eligible single parents, with no other real property interest will be able to apply for one of the 10,000 spots, that will be rolled out over four years, from 1 July 2021.
Along with driving the economy and supporting single parents across Australia re-enter the property market, the new scheme will create a sense of stability for children who are forced to pack up and move several times throughout their childhood as a result of renting. Not only will this scheme benefit single parents, now, but it will also have a profound positive affect on the lives of children across Australia for years to come.
Without doubt demand to secure one of the 10,000 spots available will be high, therefore preparedness is paramount if you wish to become a recipient of the scheme. With 1 July 2021 around the corner, we are here, now, to help you iron out all the creases and put your best foot forward to take advantage of the Family Home Guarantee Scheme.
Get in contact with us below so that we can meet with you and help you secure your spot come 1st July.
