Home Guarantee Scheme Expansion

Cassie Gerdtz

Stuck in the rental cycle? Struggling to buy your first home?

Did you know the Labor government have just announced a significant expansion of criteria for the Home Guarantee Scheme?

Previously, the guarantees had been restricted to single applicants or people in a married or de-facto relationship.

From 1st July 2023, joint applications for the First Home Guarantee and the Regional First Home Buyer Guarantee can include friends, siblings, and other family members.

Support is also available for people who have fallen out of homeownership, provided they haven’t owned a property in Australia in the last 10 years.

Eligibility is also changing for the Family Home Guarantee, expanding to include single legal guardians of children such as aunts, uncles, and grandparents.

All three guarantees will also become available to eligible borrowers who are Australian Permanent Residents, in addition to Australian citizens.

More information is available for the First Home Guarantee, Regional First Home Buyer Guarantee and Family Home Guarantee on the National Housing Finance and Investment Corporation website, which you can access here: www.nhfic.gov.au/support-buy-home

As a First Home Buyer, there are a range of other exemptions, concessions, and reductions currently available. Check out The State Revenue Office website to access this information and check your eligibility: www.sro.vic.gov.au/first-home-owner