The 2021 Federal Budget has given a boost to single parent families wanting to buy a home. The introduction of the Family Home Guarantee scheme aims to support single parents with children over four years of age secure a home with only a 2 per cent deposit.
Single parent family home ownership
The scheme comes into effect from July 1 this year and will help up to 10,000 single parents achieve the dream of home ownership. It addresses the challenges that single parents face when purchasing a home. This will provide an opportunity for security and stability for many families in the community.
It applies to new and existing homes and is open to those who want to re-enter the market or are first home buyers. To qualify the property value needs to be under $600,000 in Melbourne. The single parent must have an income annually of less than $125,000.
Tax breaks for first home buyers
First home buyers continue to be budget winners with voluntary super contributions increased from $30,000 to $50,000 for those who qualify for the First Home Super Saver Scheme. The changes will also kick off from July 1. First home buyers will be able to make extra super contributions, benefit from a tax break and withdraw the savings down the track when they are ready to buy.
First Home Loan Deposit Scheme extended
The First Home Loan Deposit Scheme has 10,000 spots available from July 1. Those eligible will be able to buy their first home with as little as a 5 per cent deposit. The Australian Government guarantees the loan with participating lenders so buyers can save on mortgage insurance.
Call the Mosaic Townhouses Sales Team on 1300 819 057 to learn more.