In the 2021-22 Federal Budget, Josh Frydenberg announced a new scheme to enable single parents to get on the property ladder sooner. Under this scheme, from July 1st, 2021, 10,000 Family Home Guarantees will be made available over four financial years to allow single parents to buy a new home with a deposit of as little as 2%. This will help them to avoid the cost of lenders mortgage insurance (LMI) that usually applies to low deposit borrowers.
