Single parents are set to get a leg-up into the property market as a part of next week’s Federal Budget, with the government set to introduce a program allowing them to buy a home with just a two per cent deposit.

The Federal Government will unveil the plan today, offering to front up to 18 per cent for a home deposit from July, meaning single parents with a household income of less than $125,000 will only need to save two percent to get into the market.

The scheme is targeting single mothers with the government estimating that out of the 125,000 single parents who are eligible, 80 per cent are women. At this stage however the scheme will be limited to 10,000 participants.

The new program is one of several new initiatives aimed at helping Australians break into the property market, with access to superannuation funds expanded for first home buyers from 30,000 to $50,000.

The incentives are likely to form a suite of property measures included in Tuesday night’s budget, at a time when house prices are soaring due to interest rates remaining at record lows.

Treasurer Josh Frydenberg has already made the case for a big budget spend aiming to push the unemployment rate below 5 per cent. It current sits at 5.6 per cent.

Treasurer Josh Frydenberg (Getty)

Speaking to the Australian Chamber of Commerce and Industry, Mr Frydenberg said the entire budget would be aimed at increasing employment opportunities.

“This will be another pandemic budget being delivered in the midst of a once-in-a-hundred year pandemic and just seven months after the last budget,” he said.

“The Budget will lay out the next phase of Australia’s economic recovery plan, to grow our economy so we can deliver the jobs and guarantee the essential services Australians rely on, and keep Australians safe.”

This content first appear on 9news

Leave a Reply

Your email address will not be published.