Anne Stanley says households have changed, and the Albanese Government is moving to meet the times in expanding the criteria for the Home Guarantee Scheme.
This will help more Australians into home ownership sooner, says the Labor member for Werriwa, pictured above.
“We know friends and family members are already teaming up to secure their own place to call home,” Ms Stanley said.
“Our actions will allow them to access vital assistance, just as couples have been able to previously.”
Ms Stanley said the expansion will result in more Werriwa residents eligible to join almost 700 people who have already taken advantage of the Home Guarantee Scheme in our community.
The scheme allows eligible Australians to purchase a home with as little as two percent deposit and avoid paying Lenders’ Mortgage Insurance, potentially saving thousands of dollars on a new home.
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.
From July 1 this year, friends, siblings, and other family members will be eligible for joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee.
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 10 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 to eligible borrowers who are single legal guardians of children such as aunts, uncles and grandparents.
“These are sensible changes that will help ensure more families have a safe and secure place to call home,” Ms Stanley said.
All three guarantees will also become available to eligible borrowers who are Australian permanent residents, in addition to Australian citizens.
More information on the scheme can be found on NHFIC’s website, https://www.nhfic.gov.au/support-buy-home
