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Two per cent deposit needed for single parents to buy first home

SINGLE parents with children could be able to buy a home with just a two per cent deposit under a new scheme included in today’s federal budget.

Treasurer, Josh Frydenberg announced Saturday the Family Home Guarantee home loan scheme, which would allow up to 10,000 single parents with dependents buy a home with a deposit of two per cent over the next four years.

Mr Frydenberg said the scheme would help single parents “purchase a home sooner”.

“The government understands the importance of owning your own home and the significant economic and social benefits home ownership provides,” he said.

“Supporting more Australians to own their own home is part of the government’s economic plan to secure Australia’s recovery.” The scheme is based on the existing First Home Loan Deposit Scheme but would not be limited to first home buyers, as long as they didn’t currently own any property.

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