Single Parent Loans
A Single Parent loan is designed to provide financial relief to struggling households.
Being a single parent on a low income is a lot of hard work, and comes with a unique set of challenges. Generally, a single parent is juggling family life with a low income job, or financial assistance through Centrelink. Should times get tough, rest-assured, there is help out there for you.
While most of your day-to-day expenses can be managed with careful budgeting, sometimes an unexpected expense such as a broken-down car or a high utility bill may blow your budget completely out.
It’s best to seek financial assistance from Centrelink or community initiatives themselves before considering any third-party lenders, as your loan amount will be carefully evaluated against your means, rather than simply offered to you at a very high interest rate because you are in desperate times.
Single Parent Loan Application Information
If you’re bringing up children on your own, here’s some available options regarding single parent loans. Be sure to research all options and don’t take the first one that comes up.
Single Parent Loan Options in Australia
- No Interest Loan Scheme (community): Small personal loans with no interest rates and no fees, to help in emergencies such as fixing the car or household whitegoods;
- StepUp (non-profit): Small, short-term loans with low interest rates, no fees, and can used to help with any emergency household, car or other expenses;
- Keystart (government): Provides assistance with purchasing a home, generally subsidises a percentage of a home purchase to make the repayments smaller.
Finally, research into some government loans and grants available to single parents, which are designed to help with education, business and housing. Getting financial assistance as a single parent through some of these methods will ensure there are no surprises with repayments once the loan is in your account. If you are on any sort of benefit you might also consider Centrelink loans to help with your situation.