From July 1st 2023 more people will be able to access the Home guarantee scheme. The scheme allows people to access a home with as a little as a 2% OR 5% deposit without the need of paying lender mortgage insurance.
The main changes are –
- An expansion to incorporate permanent residents (previously was Citizens only) into the guarantee schemes
- Broadened eligibility criteria for joint applications ie siblings
- An expansion to allow more single guardians to use the Family Guarantee
- A change that enables those who have previously owned properties to join the scheme
Permanent residents are now eligible
Currently the scheme is only available to citizen. From July 1st 2023 permanent residents will be able to access the First Home guarantee, the Regional First Home buyers guarantee ad the family home guarantee.
Joint applicants changes
from July 1st 2023 friends, family, sibling and other family members will also become eligible for joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee.
Single legal guardian expansion for Family Home Guarantee
the scheme currently supports singles parents with at least one dependent to buy a home with as little as a 2% deposit. From July 1 this will expand to allow singles natural or adoptive parents with dependants to also apply. This will also include aunts, uncles and grandparents of children to also apply.
Previous home owners to be given access
Previous home owners who had previously owner a property more than 10 years ago but had fallen out of home ownership due to financials hardship or relationship breakdown can also apply from July 1.
In total 35 000 places are available across the first home guarantee.
Contact CLS to see if you qualify – https://www.centrallendingsolutions.com.au/contact-us/
