Helping community housing tenants achieve their dream of home ownership and at the same time increasing the supply of community housing is the objective of Head Start Homes. Many low-income earners are locked out of home ownership because of the requirements for a substantial deposit and mortgage insurance, two significant barriers to home ownership. Head Start Homes overcomes these barriers by acting as a guarantor for community housing tenants who can afford a mortgage, but are unable to save for the necessary deposit.
The good news is that one young mum (with three children) is soon to be a homeowner, having received approval for a home loan. Head Start Homes is working with another five families to do the same, all keen to fulfil their dreams of home ownership.
The Mercy Foundation provided seed funding to Head Start Homes through its Grants to End Homelessness program, to help reduce poverty and end homelessness. The Mercy Foundation’s funding opened the way for additional funds from other partners including the Aboriginal Housing Office and Community Housing Limited to support this innovative project.
Find out more about the work of Head Start Homes here: www.headstarthomes.org.au