It will also expand the New Home Guarantee to allow 10,000 first home buyers to purchase a new home with a deposit of just 5 per cent,while over the next four years the Family Home Guarantee will let 10,000 single parent families put down a deposit of only 2 per cent. The government will guarantee the other 18 per cent of the deposit.
This third measure is expected to cost the federal budget just $300,000 and the government is understood to be open to expanding the program in the future.
Housing Minister Michael Sukkar said the primary hurdle for single parents with one income was pulling together a deposit and the new scheme “will enable single parents to jump that hurdle”.
“The Morrison government believes that all Australians who aspire to purchase a home should be given that opportunity. There are few more important people in our society than single parents,” he said.
“We are very pleased that the family home guarantee will help single parents - of which 80 per cent are women - to purchase their home.”
However,Labor’s housing spokesman Jason Clare criticised the policy,arguing it would “will help a little bit,but not enough” and calling the announcement “minimum help,maximum hype”.