We all know that saving for your first home can be a long and difficult process, particularly if you’re looking to buy on your own. Add in a child or children, and finding a way to put aside savings for a deposit on a single income can seem like an impossible task.
And with property prices continuing to skyrocket across the country, single parents may feel like they have no chance of ever owning their own home.
But if you’re keen to say goodbye to renting and enjoy the security of owning, there is hope thanks to a new government initiative which allows single parents to secure a home loan with as little as a 2 per cent deposit.
The Australian Government has introduced the Family Home Guarantee which is an initiative to support eligible single parents with dependents to purchase a home. If you are eligible, then you can borrow money from the bank to build a new home or purchase an existing home with only a 2% deposit and the government guarantees the other 18% do you do not have to pay costly lenders mortgage insurance. And if you are a first home buyer then there are other government incentives as well that are available.
Call the experienced brokers at iShare today to find out more about this and other schemes and how we can help you in getting that loan for your dream home.