From 1 July 2023, more Australians will be able to take advantage of the expanded Home Guarantee Scheme, which is designed to help eligible home buyers own their first property sooner.

What is the Home Guarantee Scheme?

Eligibility criteria for all elements of the scheme – including the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee – will be expanded as the Government continues to address Australia’s housing challenges. 

Here are the expected changes to eligibility (from 1 July 2023):

• Can now purchase with friends, siblings and other family members

• Permanent residents will now be eligible
• Non-first home buyers that haven't owned a home in 10 years or longer

For applications under the First Home Guarantee and the Regional First Home Buyer Guarantee, friends, siblings, and other family members will be eligible. These guarantees had previously been restricted to people that were married or in a de‑facto relationship, in addition to single applicants.

The guarantees will also be expanded to non‑first home buyers who haven’t owned a property in Australia in the last ten years. This will support those who have fallen out of homeownership, often due to financial crisis or relationship breakdown. 

Eligibility will also change for the Family Home Guarantee, expanding it from single natural or adoptive parents with dependents to eligible borrowers who are single legal guardians of children such as aunts, uncles and grandparents.

First Home Guarantee
Why this is great news for you

• Designed to support eligible first home buyers purchase a home sooner

• Eligible buyers can purchase a home with a low 5% deposit

• No Lenders Mortgage Insurance

• 35,000 places are available per year to 30 June 2025

Regional First Home Buyer Guarantee

Why this is great news for you

• Designed to support eligible regional first home buyers purchase a home in regional areas

• Eligible buyers can purchase a home with a low 5% deposit

• No Lenders Mortgage Insurance

• 10,000 places per year to 30 June 2025

Family Home Guarantee
Why this is great news for you

• Designed to support single parents with at least one dependent child in purchasing a family home

• Eligible single parents can purchase a home with a low 2% deposit

• No Lenders Mortgage Insurance

• 5,000 places per year to 30 June 2025

What a great way to fast-track getting into the property market!

It’s worth noting there is an eligibility criteria, which covers property types, locations and prices, plus, not all lenders are involved with the scheme. But an experienced broker (Addisons!) is across all the little details to help you work out if you qualify. For the latest property market news click here.

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