Brighter Buying

Family and friends invited to join home buyer schemes

by Kate Watt, Marketing Manager 24 May 2023

Changes announced in this month’s federal budget will expand eligibility for the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee.

These schemes offer eligible buyers the opportunity to purchase a house with as little as a 2% or 5% deposit, without paying lender’s mortgage insurance.

Check out who’s now invited to the home buyer party from 1 July 2023:

  • For the First Home Guarantee and Regional First Home Buyer Guarantee, a “couple” will include friends, siblings and other family members. This extends the criteria beyond singles, married or de facto couples. The guarantees will also be expanded to non‑first home buyers who haven’t owned a property in Australia in the last ten years.
  • The Family Home Guarantee will be extended to single legal guardians of children, such as an aunt, uncle or grandparent. This extends the criteria beyond single birth or adoptive parents.
  • All three guarantees will also become available to eligible borrowers who are Australian Permanent Residents, in addition to Australian citizens.

You can check your eligibility here on the NFHIC website – that’s the National Housing Finance and Investment Corporation (NFHIC) which administers the schemes for the government.

Ready to buy your home? Contact us for a chat or view our current listings for sale.