Last Updated: 23rd May, 2024

More Will Be Eligible For Home Guarantee Scheme

Published by Otto Dargan on May 3, 2023
If you are looking to enter the property market but need a helping hand, we have exciting news. The government’s Home Guarantee Scheme will loosen its eligibility requirements to help more people buy homes. Changes to the schemes will include:
  • For Family Home Guarantee
In addition to these expansions, Australian permanent residents will also now be eligible for all three schemes.   The table below shows the current eligibility requirements and how they will change from 1 July 2023.

Summary Of Changes for First Home Guarantee and Regional First Home Buyer Guarantee

Details Currently From 1 July 2023
Expanded To Include
Property Ownership Status First-home buyers Non-first-home buyers who have not owned a property in the last 10 years.
Eligible Joint Applicants Married couple or de facto partner Friends and family members
Citizenship Australian citizenship Australian citizens and permanent residents

Summary Of Changes for Family Home Guarantee

Details Currently From 1 July 2023
Expanded To Include
Eligible Applicants Single natural/adoptive parents with dependants Legal guardians of children, such as aunts, uncles and grandparents
Citizenship Australian citizenship Australian citizens and permanent residents
These changes are set to take effect from 1 July 2023. However, while the government has issued a media release on the changes, they will not be finalised until after the Federal Budget for 2023-24 has been announced.

Limited Spots Available – Don’t Miss Out!

While eligibility has expanded, the number of places available per year will remain at 35,000 places for the First Home Guarantee, 10,000 For the Regional First Home Buyer Guarantee, and 5,000 for the Family Home Guarantee. This means securing a place under the scheme will probably be competitive. As the saying goes, “First come, best dressed”. So, it’s important for potential applicants to act quickly and be well-prepared to secure a place under the scheme before the spots fill up.   Moreover, if more buyers have access to funding and compete for the limited supply of properties in the market, this could lead to an increase in property prices. Buyers not eligible for the scheme may want to explore other options for assistance in purchasing a home. If this describes you, you’ll want to contact a broker to discuss your options.   Act quickly and secure your dream home! If you’re currently eligible for the Home Guarantee Scheme – or will be soon – and want expert advice and assistance, or if you won’t be able to take advantage of the scheme and would like to discuss your options for assistance buying a home, please call us on 1300 889 743 or enquire online for free today!

Home Loan Experts Broker Shares His Opinion

According to Jonathan Preston, a Senior Mortgage Broker at Home Loan Experts, the expansion of eligibility criteria to include Australian Permanent Residents will allow a huge number of people to qualify for the scheme, particularly as the country is expecting massive immigration inflow. This, combined with the ability for family and friends to purchase property together, creates an unprecedented opportunity in the market.   Preston believes that this new option for joint application will be particularly appealing to Gen Z and Y(millennials), who may have a double income and no children. Additionally, expanding eligibility criteria to include non-first-home buyers who have not had a property in the last decade will help those who may have fallen out of homeownership due to financial crisis or relationship breakdown. These changes are expected to allow more Australians to enter the property market and achieve home ownership.

Ready To Take The Next Step?

We’re here to guide you through the process and answer any questions you may have. Let’s make your homeownership dreams a reality. Contact us today at 1300 889 743. Don’t have time for a call? No problem! Fill out our free online assessment form to get started