An extra 30,000 places are to be released to eligible applicants under the federal government’s housing support programs.
Housing Minister Michael Sukkar says the First Home Loan Deposit Scheme, New Home Guarantee program and Family Home Guarantee will be expanded from July 1.
While home ownership is beyond the reach of an increasing number of Australians, Mr Sukkar says 30,000 buyers have already been helped into the market via government initiatives.
The current budget will also support market access for single parents with dependants, subject to the passage of Family Home Guarantee legislation, he says.
From next month, an extra 10,000 guarantees will be made available to eligible single parent families under the scheme to build a new home or purchase an existing one with a deposit of as little as 2 per cent.
“We know how difficult it can be to buy a new home or re-enter the housing market and that saving a deposit is the hardest part of getting into home ownership,” Mr Sukkar said in a statement on Saturday.
“That’s why the Morrison government has established the new Family Home Guarantee, which recognises the challenge of saving for a deposit is that much more difficult when you are a single parent with children.”
With 30,000 new places being made available in total for applicants to the schemes from 1 July, now was the time to contact a participating bank or mortgage provider and get the process underway, Mr Sukkar said.
The New Home Guarantee was launched last October as a temporary expansion of the First Home Loan Deposit Scheme.
It will provide an additional 10,000 places for first home buyers seeking to build or buy a new home with a five per cent deposit and a construction commencement timeframe of 12 months.
To make sure people can continue to purchase a home, as well as accommodate larger families under the Family Home Guarantee, Mr Sukkar also announced new price caps under the First Home Loan Deposit Scheme.