A single parent housing package will help more Australians enter the property market, under measures included the Morrison government’s budget.
Tuesday’s budget will allow single parents with dependent children to purchase a home with a deposit of just 2 per cent, with the government to provide a guarantee of 18 per cent of the purchase price.
The single parent housing package scheme will be available to 10,000 people over four years.
Housing Minister Michael Sukkar said the program would be a significant step to help single parents enter Australia’s housing market.
“The hurdle for single parents on single incomes to get into the housing market is getting that deposit together,” he said.
“The Morrison Government believes all Australians who aspire to purchase a home should be given that opportunity.
“We are very pleased that the family home guarantee will help single parents – of which 80 per cent are women – to purchase their home.”
Labor’s housing spokesman Jason Clare criticised the policy by calling it “minimum help, maximum hype”, arguing it would only help “one in 100″ single parents.
The government will also keep the New Home Guarantee for a second year, providing an additional 10,000 places in 2021-22 – first home buyers seeking to build a new home or purchase a newly built home will be able to do so with a deposit of as little as five per cent.
Morrison’s government is also increasing the maximum amount of voluntary contributions that can be made under the First Home Super Saver Scheme — which allows people to build a deposit within their superannuation fund.
An additional $124.7 million in funding will bolster public housing stocks, and help meet social and community housing responsibilities.