Home Guarantee Scheme
Exciting news!
The Albanese Government have announced a significant expansion of the criteria for the Home Guarantee Scheme from 1 July 2023. So, what does that mean for you? It means that the expansion will allow more Australians to achieve their dream of home ownership sooner with low deposit options and no Lenders Mortgage Insurance!
What has changed?
From 1 July 2023, friends, siblings and other family members will be eligible for joint applications under the First Home Guarantee and Regional First Home Buyer Guarantee, which was previously restricted to those married or in de-facto relationships, in addition to single applicants.
The three Home Guarantee Schemes will also be expanded to non first home buyers who haven’t owned a property in Australia in the last 10 years.
Eligibility for the Family Home Guarantee will also be expanding from single natural or adoptive parents with dependants to eligible borrowers who are single legal guardians (such as aunts, uncles and grandparents).
Permanent Residents will now be eligible for all three guarantees, in addition to Australian Citizens
Have the recent changes got you thinking about getting into your own home? You can find out all about the property and income caps for the Home Guarantee Schemes here.
Got more questions about the Home Guarantee Schemes? Reach out to our team of New Homes Consultants, who in partnership with Resolve Finance, you could be saying hello new home sooner than you think.