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2023 Updates to the Home Guarantee Scheme

The Australian government is all set to make significant enhancements to the Home Guarantee Scheme, making it easier than ever for you to enter the property market and turn your dreams of owning a home into a reality. These changes, kicking in from July 2023, bring exciting opportunities and expanded eligibility criteria. The following are the key updates that are about to make your homeownership journey a whole lot smoother.

Joint Applications for First Home Guarantee and Regional First Homebuyer Guarantee

Got a buddy or a family member looking to buy a home too? Well, now you can team up and make a joint application for the First Home Guarantee and the Regional First Homebuyer Guarantee. Sharing the financial responsibility and support can make the property market less daunting and more fun!

Easier Re-entry into the Property Market

So, you’ve had a go at homeownership before, but things didn’t quite work out? Don’t worry, because the updated Home Guarantee Scheme has your back. Even if you’re not a first home buyer, as long as you haven’t purchased a house in the past ten years, you’re qualified to submit an application for the First Home Guarantee and the Regional First Homebuyer Guarantee. It’s like a fresh start button for your homeownership journey.

Single Legal Guardians Welcome in the Family Home Guarantee

Families come in all shapes and sizes, and the government recognizes that. The Family Home Guarantee now opens its doors to single legal guardians like aunts, uncles, and grandparents who are taking care of children. If you’re giving these kids love, guidance, and a stable home, you can now apply for the Family Home Guarantee. It’s another way the government acknowledges the amazing support system that extended family members provide.

Scheme Benefits for Permanent Residents

Australia is a diverse nation, and it’s built on the contributions of people from all over the world. The Home Guarantee Scheme is extending its benefits to permanent residents too. If you’ve made Australia your home and you’re a permanent resident, you can now apply for the First Home Guarantee Scheme, the Regional Guarantee Scheme, and the Family Home Guarantee. It’s time to level the playing field and give everyone an equal chance at homeownership.

Final thoughts

Exciting times are ahead. With the upcoming enhancements to the Home Guarantee Scheme, the Australian Government is making homeownership more accessible and inclusive than ever before. Whether you’re teaming up with a buddy, giving it another shot, caring for kids as a single legal guardian, or embracing your permanent resident status, these changes have your best interests at heart. So, get ready to explore the enhanced Home Guarantee Scheme and seize the opportunities that lie ahead.

You can also check out stamp duty exemptions that are applicable to your case. The first steps to owning a home can be super expensive. These additional programs can help take some financial weight off your shoulder.

If you need help in navigating your home-owning journey, our home loan experts are one call away. Call us now so we can discuss your options.