The rising cost of housing means many couples going through a divorce will struggle to return to home ownership separately. Women in particular face barriers to being able to take out a mortgage on their own, with many on lower incomes as a result of caring for children.
00:00From a family home with a pool to renting for the past seven years, Kesball has struggled to get back into the housing market after her divorce.
00:13I look ahead and I do the calculations and realise that I'm probably going to be in my 50s or 60s before I manage to save up sufficient house deposit.
00:23She says the government's 2% deposit scheme for single parents would leave her with a loan too big to service.
00:32The issue is do you have the cash flow to support buying the property, the stamp duty, the deposit and then the maintenance, the insurance costs.
00:42Women are more likely to face barriers in returning to home ownership after a divorce even if they're awarded a greater share of the assets.
00:52As caring for children can slow salary progression.
00:56On top of that the housing market has just rapidly grown to a point where having a single income it's very difficult to be able to pay your mortgage.
01:07An upcoming federal government 30% shared equity scheme could help.
01:13I think the people that are going to benefit from it most are single parents, particularly single mums.
01:18However there's only going to be $10,000 a year issued.
01:21Financial advisors recommend that those leaving a marriage should check their credit rating, have some individual savings history and seek help early.
01:31You may be able to negotiate a lower amount of superannuation and a higher amount of cash towards buying you that home.
01:39Steps towards re-entering the housing market after separating.
01:46Steps to re-entering the housing market.
01:50Steps to re-entering the housing market.
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