FIRST home buyers and single parents will be eligible to apply for 30,000 additional places under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee from 1 July 2021.

Federal member for Lyne Dr David Gillespie said since the introduction of the First Home Loan Deposit Scheme and New Home Guarantee, 30,000 Australians have been able to enter the housing market.

Advertise with News of The Area today.
It’s worth it for your business.
Message us.
Phone us – (02) 4981 8882.
Email us – media@newsofthearea.com.au

As announced in the 2021-22 Budget, the Government will establish the Family Home Guarantee to support single parents with dependants.

Starting 1 July 2021, 10,000 guarantees will be made available to eligible single parent families to build a new home or purchase an existing home with a deposit of as little as 2 per cent.

“We’re giving first home buyers and single parents with children the opportunity to enter the housing market and buy their very own home,” Dr Gillespie said.

“With the 30,000 new places available from 1 July, now is the time for potential applicants to contact a participating bank or mortgage provider and get their applications underway.

“The new places will assist Australians in achieving the aspiration of home ownership, providing security and safety for them and their children.”

30,000 first home buyers have been supported into home ownership through First Home Loan Deposit Scheme and New Home Guarantee already.

“We know how difficult it can be to buy a new home or re-enter the housing market, and that saving a deposit is the hardest part of getting into home ownership.

“That’s why we established the new Family Home Guarantee, which recognises the challenge of saving for a deposit is that much more difficult when you are a single parent with children,” Dr Gillespie concluded.