Could the ‘outstanding’ 2 per cent deposit scheme break the poverty trap? By Cameron Micallef 19 May 2021 | 1 minute read SHARE The 2 per cent deposit scheme has been widely praised as a way to ‘break generational poverty traps’, two industry experts have said. During a recent episode of The Smart Property Investment Show, Right Property Group’s Steve Waters and Victor Kumar praised the latest government initiative, aimed to help single parents enter the property market. This scheme, called the Family Home Guarantee, will see single parents enter the housing market with just a 2 per cent deposit. The remaining 18 per cent of the home loan deposit, needed to avoid lender’s mortgage insurance (LMI), will be guaranteed by the federal government.