With the recent announcement of the Family Home Guarantee package for single parents across Australia, we thought we’d sit down to get Darren Walter’s thoughts on what renters can do to take advantage of the Family Home Guarantee scheme.

So, what do you think about the introduction of the Family Home Guarantee?

I think the Family Home Guarantee is a great first step for single parent families. It will give these families, which historically struggle to escape the rental nightmare, a chance to own their own home. My no or low deposit new home system is already tailored to make that journey as simple as possible. But anything that increases the odds of single parents getting their own homes is a great thing in my opinion.

First, Darren, tell us a bit about yourself and No1 Property Guide

I am Darren Walters, the founder and director of No1 Property Guide. I have helped thousands of renters become homeowners through my no or low deposit new home system over the past 6 years since I founded No1 Property Guide. My 20+ years of knowledge and understanding of lending policies and banking regulations, combined with my pre-qualification process, makes it possible to provide renters no or low deposit new home options.

Do you think the Family Home Guarantee package does enough to help single parents get into the property market?

That’s a tough one. The Family Home Guarantee package only helps get 10,000 single parents into their own homes—and that’s over 4 years. So, there will still be a lot of families stuck renting if they can’t get onto the list. It also doesn’t do anything to lower strict lending criteria, which will prevent many single parents from entering the market. So, while it will definitely provide much needed help to many families, I think there’s still more that could be done.

So, you believe single parents will struggle to get approved for a home, even with the Family Home Guarantee package?

Unfortunately, yes. There might be some single parents who can finally enter the property market thanks to this scheme. But I believe a large portion of them, especially single mothers, still won’t get approved. Simply because they aren’t able to service the loan. The Family Home Guarantee only lowers the needed deposit and removes LMI costs. However, if you don’t meet the lender’s criteria then you still won’t get approved. So, while the grant helps those renters who might be serviceable but can’t save a deposit, it will do nothing for single parents who just can’t meeting lending criteria.

Is your system at No1 Property Guide able to help single parents get approved?

I created my no or low deposit system to help as many renters get into their own homes as possible. That includes single parents. There are ways my team can help single parents meet lending criteria and be eligible for a home. Of course, it’s all case-by-case, and there’s no one-size-fits-all solution. We tailor each package to suit the client’s exact needs as well as meeting lending criteria.

Will No1 Property Guide be taking applications for the Family Home Guarantee?

Absolutely. We work with a variety of lenders and can service almost every grant that’s available in the areas we build. In fact, to help more single parents take advantage of the scheme, I will be fronting the 2% deposit they need. Meaning they will be able to enter the property market with 100% no deposit.

What areas does No1 Property Guide service?

We currently service Southeast QLD, NSW, and VIC. But we have options anywhere land is available. The most important step is getting pre-qualified. Trying to find land or the right floorplan is pointless without knowing your borrowing capacity.

Do you have any advice for single parents who are interested in applying for the Family Home Guarantee?

My best piece of advice would be to not wait until July 1^st to get started. My team is already processing people and getting them pre-approved. So, when the Family Home Guarantee is available, we can do the applications and get them into their home sooner. Getting the pre-qualification started now means you’re less likely to lose your spot in the scheme. It also means you’ll get first pick of registered land as you’ll already be pre-qualified and ready to go.  

How can single parents, or anyone interested in your no or low deposit new home system, get in touch with you?

The best way is to head to https://no1propertyguide.com.au/pre-qualification and filling in the pre-qualification form. This will let my team assess your situation and work out all your factual options right from the start. Or you can contact us through Facebook or Instagram. One of my New Home Specialists will always get back to you within 24 business hours.

Do you have any final thoughts on the Family Home Guarantee package?

I believe the Family Home Guarantee, when combined with my no or low deposit system, is going to provide a great option for single parents around Australia. A lot of single parent families won’t be able to service a loan using traditional banks and lenders, but the scheme is a good first step to helping those renters out of the rental nightmare.