Buying a home as a single parent
Buying a home is one of the biggest concerns for couples when separating, as the thought of re-entering the skyrocketing property market on your own can be very stressful.
Not knowing how you will afford to keep your family home or buy a new home for your family is a major concern for people who are going through a divorce. Not only will this put financial pressure on you as a single parent but it also takes a huge emotional toll, especially when there are children involved.
The Federal Government’s expansion of the New Home Guarantee scheme will double the number of places offered from 25,000 to 50,000 a year, providing more single parents with the opportunity to buy a new home, or purchase their existing family home after having separated thanks to the lower deposit.
5,000 of the annual places will specifically be provided to single parents, and 10,000 places for first home buyers, or those who have not owned a home in the past five years in regional Australia.
If you’re eligible, you’ll be able to purchase a home with as little as a two per cent deposit for single parents, with the Federal Government guaranteeing the remaining 15 per cent, saving buyers the cost of mortgage insurance.
As well as the government's New Home Guarantee Scheme, there are other items that you might be eligible for as a single parent, such as tax family benefit, which can financially help a newly separated parent.
With the current inflation making it harder for single parents and newly separated couples, it’s important to know what help you might be eligible for. Seeking advice can help you save lots during this difficult time.
Simple Separation is a complete Mediation and Legal information service that assist couples to legally finalise their separation from start to finish online. All legal services are provided by our preferred panel of the best independent Family Lawyers, Estate Planning Lawyers and Conveyancers who share the same philosophy - to separate simply, fairly and respectfully.