Buying a home sooner (rather than later) sounds soooo good. Eh, it’s why we build homes, (and write quirky blogs like this, peeps). While owning a home as a single parent might seem out of reach, it doesn’t need to be. In fact, the Australian Government has more than a few tricks up its sleeve to help Aussies get into their very first home.
There’s a bunch of nifty schemes out there you could be taking advantage of. Unless you go digging for the info, you probably didn’t know they existed.
Anddd that’s where we have your backs. We’ve narrowed down the crem de la crem of all schemes out there. Here’s our top few faves.
#1. The Family Home Guarantee (FHG)
Falling under the Home Guarantee Scheme, the FHG helps eligible single parents (with at least one dependant child) to buy a residential family home. Pretty epic, right?
The FHG (which was rolled out by the National Housing Finance and Investment Corporation via the Australian Government) makes it possible for single parents to buy a home with as little as a 2% deposit. Ooooyeah, did we mention that it means single parents don’t need to pay Lenders Mortgage Insurance (LMI) either? LMI is a massive roadblock for many people wanting to own their own home – so eliminating this hurdle is a huge win!
#2: The First Home Loan Deposit Scheme
We leeeerve this scheme, because it’s helped a whole bunch of our legendary homebuyers into their very first homes.
The scheme is an Australian Government initiative administered by the National House Finance and Investment Corporation (NHFIC). Big long words aside, the scheme eliminates one of the biggest hurdles standing in the way of homeownership for buyers with a deposit of less than 20 per cent – the need to pay lenders mortgage insurance.
Subject to lender criteria, first homebuyers can buy their first home with a deposit as small as 5 per cent. Epic, right?! As for the remaining 15% needed to make up the full 20% deposit, the NHFIC guarantees this to the chosen lender.
#3: The First Home Super Saver Scheme (FHSS)
The name of this scheme just sounds cool from the outset, amiright?!
Thanks to the FHSS, you can save $$$ by building up funds for a deposit for your first home inside your super fund.
Giving people a tax cut, FHSS was designed to help first home buyers save their precious moola – quicker and easier.
There’s a few bits and bobs about eligibility, guidelines around when you can access your funds for a deposit, how it all works etc. Have no fear – we’ve helped countless legendary homeowners use this epic scheme to secure their first humble abode, so feel free to reach out if you have any questions.
#4: The New Home Guarantee Program
As much as we leeeerve spreading the good vibes by filling you in on all these great schemes, unfortunately as of July 1, 2022 – you’re no longer able to apply for The New Home Guarantee Program. 🙁
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