The Australian Federal Government has announced new initiatives to help Australians purchase their first home, or upgrade their existing home, by boosting existing home-buying schemes. The changes are part of a significant overhaul to the First Home Buyers Guarantee, the Regional Equivalent, and the Family Home Guarantee and will come into effect on July 1, 2023.
One of the key changes is that siblings and friends who want to purchase a house together will now be eligible for a boost from the Federal Government. This will allow more Australians to purchase a home, as well as open up more options for those who are unable to purchase a home on their own.
Under the home guarantee scheme, the federal government will act as guarantor on up to 15 per cent of a loan, giving prospective buyers the opportunity to purchase a house with a deposit as low as five per cent. This scheme has previously been available to married or de facto couples, and singles, but will now be expanded to include pairs of friends and family members.
The Housing Minister, Julie Collins, declared the way to home ownership and the composition of households have both evolved, and that the expansion of the program reflects this alteration.
“By taking action, we can help friends and family members get the aid they need to acquire a place to call home, just as couples have been able to in the past,” she said.
