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    How does the Australian Government 5% Deposit Scheme work for single parents?

    The Scheme helps you into your new family home with as little as a 2% deposit if you meet the eligibility criteria. No income caps, no waitlists and no LMI helping get you into your own home sooner.

    People’s Choice is a participating lender offering the Australian Government 5% Deposit Scheme. If you’re a single parent or single legal guardian interested in applying for the Scheme, please register your interest below or speak with our Home Lending Specialists to discuss the options available to you.

     

    Key Scheme Features:

    • Low deposit options - minimum 2% for single parents
    • No income caps
    • No Lenders Mortgage Insurance (LMI)
    • Wide choice of home types
    • Government-backed support: A Government guarantee is provided to the lender for your loan
    • Unlimited spots and no waiting lists
    • Purchase a property up to the property price caps set by the Scheme for your location

    Who is eligible for the Australian Government 5% Deposit Scheme?

    You can find more information about the Australian Government 5% Deposit Scheme and eligibility criteria on the Housing Australia website.

    To be eligible as a single parent, you need to meet the following criteria:

    • Applying on your own (no joint applications)
    • Be an Australian citizen or permanent resident
    • Have a minimum 2% deposit
    • Buying a home in Australia priced at or below the location's price cap
    • Not have any other property interest once your new home settles
    • Planning to live in the home as an owner-occupier (no investment properties)
    • Applying for an owner-occupier home loan with Principal and Interest repayments up to 30 years
    • Single parent or single legal guardian of one or more dependent children

    Property price caps

    Maximum purchase prices (property price caps set by Government legislation) are applicable for eligible properties purchased under the Australian Government 5% Deposit Scheme. The property price caps are the same for all Scheme Guarantees. Visit the Housing Australia website to use the Property Price Cap Tool – a postcode search tool to help home buyers determine the property price caps for the suburb you are purchasing in.
    Visit the Housing Australia website
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      ^Privacy Notice: People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us,  to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). We may not be able to contact you if you do not provide to us this information. You can opt out of receiving direct marketing from us at any time. We disclose your personal information to relevant members of our staff. We may also disclose your personal information to agents, contractors, government agencies and bodies  who assist us in our dealings with you. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. It also provides more detail on how we manage and protect your personal information if you are interested. People's Choice address is 50 Flinders St, Adelaide, 5000.

      ^Privacy Notice:

      People’s Choice Credit Union is collecting the above information so that we may respond to your enquiry and provide information in relation to products and services we provide. We will only use this information, unless you are already a member or subsequently decide to obtain a service or product from us,  to respond to your enquiry and to contact you from time to time to provide you with information about services and products which may be of interest to you (including products and services of third parties). We may not be able to contact you if you do not provide to us this information. You can opt out of receiving direct marketing from us at any time. We disclose your personal information to relevant members of our staff. We may also disclose your personal information to agents, contractors, government agencies and bodies  who assist us in our dealings with you. Our Privacy Policy (which you can obtain at this link, in branch or by contacting us on 13 11 82 and asking for a copy) contains more information on how you can access and correct your personal information, how we use your personal information (including how to opt out of marketing), how to complain if you believe we’ve breached our privacy obligations, and how we deal with complaints. It also provides more detail on how we manage and protect your personal information if you are interested. People's Choice address is 50 Flinders St, Adelaide, 5000.