Exciting News for Aspiring Homebuyers: Home Guarantee Scheme Expands

Good news for prospective homebuyers! The Home Guarantee Scheme, which has already paved the way for numerous Australians to realise their dream of homeownership, is poised to expand starting July 1, 2023.

The Albanese government has unveiled a series of changes aimed at broadening the eligibility criteria for all facets of the scheme. This encompasses the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee.

1. Increased Eligibility: One of the most significant alterations is the extension of eligibility to Australian permanent residents, commencing July 1, 2023. Furthermore, the scope of joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee will be expanded to include friends, siblings, and other family members.

2. Family Home Guarantee Enhancement: The Family Home Guarantee, designed to assist single natural or adoptive parents with dependents, will now encompass single legal guardians, such as aunts, uncles, and grandparents. This means more single legal guardians can access the scheme, enabling families to secure a safe and stable home environment.

"The Family Home Guarantee presents a wonderful opportunity for single parents to purchase a home with as little as a 2 percent deposit, all without the burden of lenders mortgage insurance. This change will open doors for single legal guardians, including grandparents and aunts, to benefit from the scheme, offering families a place to call home," shares Marcus Barnard, Managing Director of SBF.

3. Previous Property Owners: Individuals who have previously owned properties will now be eligible for these schemes, with the caveat that they haven't owned a property in Australia within the last 10 years.

These changes represent a concerted effort to address the housing challenges facing Australia and to facilitate more Australians in achieving their homeownership aspirations. The Home Guarantee Scheme has been meticulously crafted to enhance accessibility to homeownership by providing government guarantees to lenders. This, in turn, simplifies the process for first home buyers to secure a home loan.

The expanded Home Guarantee Scheme is set to usher in a new era of opportunities for those aspiring to own their homes. With these changes, the path to homeownership becomes more inclusive and achievable for a wider spectrum of Australians.