single Parent and Legal Guardian 2% deposit Scheme

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Buying a home on your own while raising children is a significant commitment, and saving a large deposit can often feel daunting. The Australian Government’s 2% Deposit Scheme is designed to change that by assisting single parents and single legal guardians in purchasing a family home with as little as a 2% deposit — and without the burden of Lenders Mortgage Insurance (LMI). With no income caps, unlimited availability, no waitlists, and a government guarantee supporting you, this scheme opens the door to home ownership much sooner, allowing you to create stability, security, and lasting memories in your own place.

What makes the 2% deposit scheme so valuable is the way it reduces barriers for single parents. A minimum 2% deposit can significantly shorten your saving timeline, and with the Lenders Mortgage Insurance waiver, you avoid a hefty upfront cost usually associated with low-deposit loans. You can choose from a diverse range of home types — existing homes, townhouses, units, house and land packages, off-the-plan purchases, or even vacant land with a building contract — as long as the property meets the location-specific price caps. With the government guarantee providing participating lenders the confidence to lend up to 98% of the property’s value, this scheme creates a realistic and achievable path into the market for families who need it most.

To take advantage of the scheme, you must meet the eligibility criteria, including being a single parent or single legal guardian of a dependent child, having your 2% deposit saved, purchasing a home you plan to live in, and applying through a participating lender. The lender will also review their credit policy to ensure your loan is affordable for your situation. I understand the criteria can feel overwhelming, especially while juggling family life, which is why working with a mortgage broker can simplify the process. I help you understand your eligibility, compare participating lenders, confirm your borrowing capacity, and guide you through the application step-by-step to ensure nothing falls through the cracks.

If you believe this 2% deposit scheme might be the support you’ve been looking for, I’m here to help you explore your options with clarity and confidence. Together, we can outline what you can afford, verify whether the scheme fits your circumstances, and get you closer to building a future in your own family home.

*Information sourced from https://firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme/single-parents and correct as of December 2025.