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New Government financial support to help homebuyers | 1/5/23

The Federal Government has announced that it will be expanding the eligibility for the Home Guarantee Scheme (HGS) to support people achieve the dreams of home ownership. Under the Family Home Guarantee, the Federal Government acts as guarantor on up to 15 per cent of a loan. This enables eligible home buyers to purchase a home with as little as a 5 per cent deposit without paying lenders’ mortgage insurance (LMI).  Unsure of what LMI means? Check out our blog on finance jargon explained here. 

What are the changes?
Who can access the Home Guarantee Scheme. Under one of the changes friends and family will be allowed to team up to buy a first home as the definition of the word "couple" will be changed from those who are married, or in de-facto relationship, to "any two eligible individuals".

Changes to The Family Home Guarantee
The Family Home Guarantee is currently only open to single parents with at least one dependent child. Under the new changes this will be extended to single legal guardians of children. It means guardians of children such as grandparents, aunts, uncles or foster carers will become eligible.

Australian permanent residents will also be included in the expansion, instead of just citizens.

The scheme will also widen to people who haven't owned a property in 10 years, helping those who have lost their home in financial crisis or a relationship breakdown.

Federal Housing Minister Julie Collins said the eligibility expansion was about "moving with the times" to reflect the changing make-up of Australian households.

How many people can access the scheme? Every year, 35,000 First Home Guarantee places are made available.

In addition, up until June 30, 2025, there will be 10,000 places available per year under the Regional First Home Buyer Guarantee and 5,000 places per year under the Family Home Guarantee. 

When will the changes take effect? From July 1, 2023.


How do I know if I am eligible?
The Federal Government's National Housing Finance and Investment Corporation (NHFIC) website features a short questionnaire that can help you see if you are eligible for one of the schemes.
For details on how to apply, eligibility requirements and the participating panel of lenders head to the NHFIC website.

Source: NHFIC Website 

Stay tuned for more updates next week on the outcomes of the announcements made at the Federal Budget and what Government support will be available for upcoming homebuyers. 

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