Who will get huge budget cash boost

PHOTO: Single parent households traditionally have lower home ownership rates than other household types.

Single parents to get huge boost in Federal Budget.

An often neglected group of Aussies will get a huge boost in the Federal Budget on Tuesday, allowing them to do something many didn’t think was possible.

Single parents will be backed to buy their own home with a deposit as modest as 2 per cent under a new housing program to be announced in Tuesday’s budget.

The program, to be known as the Family Home Guarantee, is designed to help single mothers and fathers overcome one of the “biggest hurdles” to achieving the dream of homeownership.

The new Family Home Guarantee for single parents will support up to 10,000 single parents with dependants over four years, commencing 1 July 2021.

But it will help not only first home buyers but also single parents attempting to re-enter the housing market after divorce and family breakdown.

Like the existing First Home Loan Deposit Scheme, it will be subject to property price caps that restrict the benefits based on the state where the single parents live.