Single parents given assistance to buy property

Single parents to be given assistance to buy property under new budget measures.

By political reporter Jacob Kagi

Single parents will be given federal government assistance to purchase property, under measures included in Tuesday’s budget.

The government will provide a guarantee of 18 per cent of the purchase price for single parents with dependent children, with the scheme available to 10,000 people.

It will allow single parents with dependent children to purchase a home with a deposit of just 2 per cent.

But those 10,000 places will not be available all at once, with the scheme to be spread out over four years.

The Opposition warned the scheme did not go far enough, saying it would help just a fraction of the single parents around the country.

But Housing Minister Michael Sukkar said the program would be a significant help to single parents trying to get into the housing market.

“The hurdle for single parents on single incomes to get into the housing market is getting that deposit together,” he said.

“The family home guarantee will enable single parents to jump that hurdle.

“The Morrison Government believes all Australians who aspire to purchase a home should be given that opportunity.”

Ahead of a budget the Treasurer and Prime Minister have pitched as having a particular focus on helping women, the government argued the Family Home Guarantee policy would particularly help women.

“So many single-parent families are led by women,” Minister for Women’s Economic Security Jane Hume said.

“A woman’s home will now be her castle as well.”

New scheme not enough: Labor

But Labor said the scheme would help “a bit but not enough”.

“There are about a million single-parent families around Australia,” Labor’s housing spokesman Jason Clare said.

Mr Clare also said the announcement would do nothing to help the “growing group” of older women were experiencing homelessness.

In addition, the 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.

The New Home Guarantee will also be expanded to run for another year, with an additional 10,000 places made available.

That allows eligible first home buyers to purchase a property with a deposit as low as 5 per cent.

SOURCE Political reporter Jacob Kagi

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