• Become solitary (i.age., not have a wife otherwise a de facto mate, or perhaps separated out-of an old lover otherwise lover. Breakup isnt believed divorce or separation and you may a separated individual isnt considered solitary)
• Has actually a minumum of one situated child dependent meaning you will be the natural otherwise adoptive moms and dad as well as often:
• Meet up with the definition of good dependant child’ due to the fact laid out for the subsections dos, step 3, cuatro, 5, 6 and you can eight away from section 5 of your Personal Safety Work 1991 otherwise
• Be at the very least 16 but significantly less than twenty-two years of age, live with your, and you may discovered a disability support pension.

What exactly is a mortgage put?

Your property financing deposit is the very first share so you’re able to a property’s get, and lots of type of put tends to be required in acquisition to buy a property. The fresh new deposit will act as a type of security into the lender and you will demonstrates both your revenue and ability to cut (which is basically a sign of a certain financial prudence) before taking on the a home loan.

It used to be quite reputable guideline that you would want 20% of the home worthy of spared in the form of a deposit, as this do fundamentally stop you from purchasing lender’s mortgage insurance coverage (LMI) and helps you pay the possessions.