Government expands deposit schemes for first home buyers, single parents

Housing minister urges eligible applicants to contact lenders and get their applications underway

Government expands deposit schemes for first home buyers, single parents

The federal government has announced an expansion of deposit schemes poised to help single parents and first home buyers.

The government will release an additional 30,000 places to eligible applicants under the First Home Loan Deposit Scheme, the New Home Guarantee program, and the Family Home Guarantee from July 01.

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“With the 30,000 new places available from July 01, now is the time for potential applicants to contact a participating bank or mortgage provider and get their applications underway,” said housing minister Michael Sukkar. “Through our First Home Loan Deposit Scheme and the New Home Guarantee Program, the Morrison Government is helping more first home buyers and single parent families overcome the challenges of saving for a deposit and realising the Australian dream of owning your own home,” he added.

Meanwhile, Adrian Kelly, president of the Real Estate Institute of Australia (REIA), said that he welcomed the announcement and urged eligible homebuyers to secure their places.

“We urge eligible applicants to contact a participating bank or mortgage provider and get their applications underway,” said Kelly. “It can be difficult to buy a new home or re-enter the housing market, and saving a deposit is the hardest part of getting into home ownership, so the government’s support will help ease that issue.”

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