First home buyers and single parents with children in Cook Electorate will be eligible to apply for 30,000 additional places under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee from 1 July 2021.
Since the introduction of the First Home Loan Deposit Scheme and New Home Guarantee, 30,000 Australians have been able to enter the housing market.
As announced in the 2021-22 Budget, the Government will establish the Family Home Guarantee to support single parents with dependants. Starting 1 July 2021, 10,000 guarantees will be made available to eligible single parent families to build a new home or purchase an existing home with a deposit of as little as 2 per cent.
We’re giving first home buyers and single parents with children in Cook the opportunity to enter the housing market and buy their very own home.
By supporting single parents and their children, the Government is helping more people in Cook achieve the security and dignity that home ownership provides.
With the 30,000 new places available from 1 July, now is the time for potential applicants to contact a participating bank or mortgage provider and get their applications underway.
The new places will assist Australians in achieving the aspiration of home ownership.
The First Home Loan Deposit Scheme has been a landmark success of the Government since its commencement in 2020. 30,000 first home buyers have been supported into home ownership through First Home Loan Deposit Scheme and New Home Guarantee already.
We know how difficult it can be to buy a new home or re-enter the housing market, and that saving a deposit is the hardest part of getting into home ownership. That’s why the Government has established the new Family Home Guarantee, which recognises the challenge of saving for a deposit is that much more difficult when you are a single parent with children.
The New Home Guarantee commenced on 6 October 2020 as a temporary expansion of the First Home Loan Deposit Scheme. It will provide an additional 10,000 places for first home buyers seeking to build a new home or purchase a newly built dwelling with a deposit of 5 per cent and a construction commencement timeframe of 12 months.