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Single Parents May Become The Winners Of Australian Home Purchaser？
Through the searches from the government, single parents generally prefer to rent a house than purchasing a house or an apartment. The main purpose of this policy is actually more biased towards the Australian government’s hope to help the disadvantaged groups in society. Besides, this is also a policy used by the government to shorten the gap between the rich and the poor in Australia and improve the affordability of real estate. Recently, the price of real estate in Australia has risen sharply, which has made the affordability of real estate declined. The wealthy people own more real estate, and the value of their assets is getting higher and higher, while the less wealthy people are increasingly unable to afford the amount of money to buy a property.
Second of all, there is currently no property under the name of the single parents at present, but whether or not they have owned real estate before is not listed as a restriction, which is different from the First Home Owner’s Grant.
For housing price requirements, the government also has certain standards. In NSW, single parents will be able to buy up to $700,000 valued properties, while in other states, they can buy up to $450,000 valued properties.
Although this is a policy for the benefit of the people, it may also bring some drawbacks.
Firstly，single parents applying for this policy are competitive. In the four-year period, the first batch of quotas is limited to 10,000 people. However, there are a large number of single-parent families in Australia.
Secondly, this policy may increase the demand for property in the market, which may increase the price of real estate, like some purchasing property policies and grants issued by the government last year.