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The Home Guarantee Scheme has undergone major changes which could be a breakthrough for those struggling to save for a deposit or meet the eligibility criteria. So what are the changes and what do they cover?
The First Home Guarantee is an Australian Government initiative that supports first-home buyers purchase their first home sooner. Under this scheme, they have access to benefits such as;
– A 5% deposit
– The Government covers the remaining 15%
– No Lenders Mortgage Insurance.
The Key changes to this scheme now means that couples are no longer the only ones eligible to apply for the First Home Guarantee. So, friends, siblings, and other family members can now team up and apply together. This allows for combined finances and resources, potentially qualifying for larger loans!
Permanent residents are now eligible to participate in the scheme, in addition to Australian citizens. This opens up opportunities for permanent residents dreaming of homeownership.
Non-first home buyers who have not owned property in Australia for the past 10 years are also eligible for this scheme.
The Family Home Guarantee, was originally designed to help single parents get into or back onto the property market, but now, the scheme will include eligible borrowers who are single legal guardians, such as aunts, uncles, and grandparents. This expansion recognises different family structures and offers more options for legal guardians to enter the housing market.
The Scheme benefits include;
Permanent residents, can now also avail of the Family Home Guarantee. This expansion of eligibility brings hope to those who have longed to own a home but previously could not access the scheme.
These changes aim to make the road to home ownership more accessible and manageable for those facing financial constraints. We are excited to witness more Australians achieving their dreams of owning their own home.