If you are a first home buyer and also a single parent, the Family Home Guarantee could also be an option for you.
Family Home Guarantee (FHG)
Saving to purchase a family home can be a challenging task, especially when you are a single parent.
The Family Home Guarantee is designed to support eligible single parents by providing a guarantee to Participating Lenders which allows you to buy a family home with a deposit of as little as 2%. This Guarantee enables single parents with at least one dependent child to enter or re-enter the housing market sooner. Normally, to avoid paying Lenders Mortgage Insurance, anyone purchasing a property will need to save a 20% deposit (based on the property value). Taking advantage of the Family Home Guarantee will allow you to bypass Lenders Mortgage Insurance without having to stress about providing an extra 18% in your deposit. Investment properties are not covered by the Family Home Guarantee.
As a first home buyer you may also be eligible for other government support programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants, and stamp duty concessions.