The Australian Government 5% Deposit Scheme for Single Parents is an initiative to support eligible home buyers to buy a home sooner.
The Australian Government 5% Deposit Scheme is for eligible single parents and eligible single legal guardians of at least one dependent, such as aunts, uncles or grandparents. Applicants can include those who are not first home buyers.
The purpose is to support eligible single parents and eligible single legal guardians step into their new family home with a minimum 2% deposit and backing from the Australian Government. No income caps, no waitlists and no LMI helps get you into your own home sooner.
An eligible single parent or eligible single legal guardian is not required to be a first home buyer but must not own separate property at the time of settling a loan under the Scheme. The single parent or single legal guardian must meet the eligible lender's credit assessment criteria.
You can find more information about the Scheme and eligibility criteria on the Australian Government 5% Deposit Scheme website.
To be eligible, home buyers applying for the Scheme must have a minimum 2% deposit.
Australian citizens or permanent residents, at least 18 years old may apply.
Home buyers must be eligible single parent or single legal guardian of one or more dependent children.
If you would like to know more about the Scheme including eligibility criteria please download the Single Parents Information Guide or visit the Australian Government 5% Deposit Scheme website. For more information about QBANK Home Loans (including credit eligibility criteria, terms and conditions, fees and charges) please visit our Home Loan Key Fact Sheet.
