As a single parent, getting a home loan on a single income can be tough. You may be wondering how to buy a home as a single parent. The good news is – it is possible, and you do have options. If you’re wanting the security of your own home, you may be eligible for some Government assistance.
What is the Australian Government 5% Deposit Scheme?
The Australian Government 5% Deposit Scheme is a Government Scheme which can help eligible single parents to buy a family home. People’s Choice is an approved participating lender for this Scheme. The Scheme doesn’t require you to be a first home buyer and could help you buy a family home with as little as a 2% deposit. If you’re a single parent saving for a house, the Scheme could help you enter or re-enter the property market sooner.
How do I qualify for the Australian Government 5% Deposit Scheme?
You’ll need to meet some standard criteria such as being an Australian citizen, over 18 years old and having intentions to live in the home you’re purchasing.
You’ll also need to be a single parent with at least one dependent child, and meet additional criteria including an income threshold, be a first home buyer or a previous owner who doesn’t currently own a home, and have saved a 2% deposit plus enough to cover standard fees and other charges such as stamp duty.
For more detail on the eligibility criteria please visit our dedicated page on the Australian Government 5% Deposit Scheme.
Homes that can be purchased under the Australian Government 5% Deposit Scheme
When purchasing a home under the Scheme, the home will need to be an eligible residential property, which generally includes:
- An existing house, townhouse or apartment
- A house and land package
- Land and a separate contract to build a home
- An off-the-plan apartment or townhouse
How much can I spend on a home under the Australian Government 5% Deposit Scheme?
Applying for the Australian Government 5% Deposit Scheme
If you’re a single parent interested in applying for the Scheme, please register your interest on our dedicated page on the Australian Government 5% Deposit Scheme or speak with our Home Lending Specialists to discuss the options available to you.
