Key Insights
- From 1 July 2023 the eligibility changes to Government Guarantee Schemes will allow more aussies to achieve their dream of home ownership.
- First Home Guarantee: opening up to allow Permanent Residents; Friends, Siblings, and Other Family Members who can submit joint applications and non-first home buyers who haven’t owned property in Australia in the last 10 years to apply.
- Family Home Guarantee: opening up to allow single legal guardians (such as aunts, uncles and grandparents) and Permanent Residents to apply.
More Aussies Eligible for Home Ownership!
We’ve got some exciting news for all aspiring home owners out there! The Albanese Government has recently announced some juicy changes to the Home Guarantee Schemes. 🎉
From 1 July 2023, the eligibility criteria for the Home Guarantee Scheme will be significantly expanded. More Aussies will be able to achieve their dream of home ownership sooner! So, if you’ve been struggling to save for a deposit or meet the schemes eligibility criteria, take a deep breath, and keep reading because this could be the breakthrough you’ve been waiting for! 🏠
👀 So, what exactly are the changes? Let’s break it down!
First Home Guarantee
The First Home Guarantee is an Australian Government initiative to support first-home buyers purchase their first home sooner. Under this scheme, first home buyers have access to great benefits such as:
- 5% Deposit
- Government covers remaining 15%
- No Lenders Mortgage Insurance
The changes to First Home Guarantee
Joint Applications for Friends, Siblings, and Other Family Members
This change is a total game-changer! Previously, only couples in a de-facto relationship or married could apply for the First Home Guarantee together. But from 1 July 2023, friends, siblings, and other family members can team up and apply for this scheme together! With combined finances and resources, you may be able to qualify for a larger loan than you would have been able to on your own. 💰
Permanent Residents Eligible
Permanent residents are now eligible, in addition to Australian citizens! This is a big deal! So, if you’re a permanent resident who has been dreaming of owning your own home, now is the time to start exploring your options. 🏡
Non-First Home Buyers don’t miss out
Another exciting update is the expansion of eligibility to non-first home buyers who haven’t owned property in Australia in the last 10 years. If you’ve previously owned a property but have been out of the market for a decade, you may still be eligible for this scheme.
Family Home Guarantee
The Family Home Guarantee is designed to help single parents get into or back into the property market. Under this scheme they have access to these great benefits:
- 2% deposit
- Government will cover remaining 18%
- No Lenders Mortgage Insurance
Expanding Eligibility for the Family Home Guarantee
The Family Home Guarantee has been a lifeline for many single parents who have been struggling to save enough money for a deposit. But from 1 July 2023, eligibility for the scheme will be expanding beyond single natural or adoptive parents with dependants to include eligible borrowers who are single legal guardians (such as aunts, uncles and grandparents). 👩👧👦
This change recognises different family structures and provides more options for legal guardians to enter the housing market, the government is helping to ensure that families can remain together and thrive. 😍
Great news for permanent residents! The Family Home Guarantee is now open to permanent residents, in addition to Australian citizens. This expansion of eligibility is a game-changer for those who have been dreaming of owning their own home but were previously unable to access the scheme.
So, if you’ve been putting off your dream of owning a home due to financial constraints, the road to home ownership might just be a little easier than you initially thought. We can’t wait to see more Aussies achieve their dream of owning their own home and we hope you’ll be one of them! 🏠
