KEY POINTS FROM THE FEDERAL BUDGET THAT MAY BENEFIT YOU!

Federal Budget is out tonight! Take a look at what may be in for you!

-Single parents may enter the property market as part of this week's Federal Budget, with the government introducing a program allowing them to buy a home with just a 2% deposit.

-The Federal Government is offering 18% for a home deposit from July. Single parents with a household income of less than $125,000 only need 2% to enter the market.

-The scheme targets single mothers. The government estimates that out of the 125,000 single partens who are eligable, 80% are women. At the moment, the scheme is only limited to 10,000 people.

-First-home buyers may take out $50,000 from their super funds as long as they are going to live in the properties they purchase with this money.

-There will also be 10,000 places on a home loan guarentee scheme that allows people to put a deposit on their first homes of 5% with the Commonwealth backing some of their mortgage.

We look forward to the government making housing more accessible.

Source: SBS Australia & 9News Australia 2021