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,
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 Central Lending Solutions to see if you qualify.
What the New Tax Changes Mean If You Own (or Want) an Investment Property
How Much Can You Really Borrow in Perth Right Now?
Should You Fix Your Home Loan Now That Rates Are Climbing?
Your Fixed Rate Is About to End. Here’s What to Do Next
We’re Here to Help
Contact our team if you have questions about home loans, refinance/">refinancing, or other lending options. Call us, book a time to speak, or send us an email and we will get back to you.
0489 082 257
info@centrallendingsolutions.com.au
Central Lending Solutions is a Perth-based mortgage brokerage with over 20 years of experience in the finance industry. Our team helps clients compare lenders and navigate the home loan process from enquiry through to approval.
