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2% deposit under new Family Home Guarantee Scheme

The 2021 Federal Budget has given a boost to single parent families wanting to buy a home with the introduction of the  Family Home Guarantee. The 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 and 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 homebuyers. To qualify the property value needs to be under $600,000 in Melbourne and the single parent must have an income annually of less than $125,000.

First homebuyer super saver

First homebuyers 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 homebuyers 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.

Monument Estate has a range of fixed price house and land packages under $600,000. Call our Sales Team on 1300 040 563 or visit our Sales Office at 1392 Plumpton Road, Plumpton to learn more.