The Albanese government will extend its Home Guarantee Scheme to make millions more Australians eligible for federal support when buying their first home.
Eligibility criteria for the First Home Guarantee, the Regional First Home Buyer Guarantee and the Family Home Guarantee will all be changed under the proposal, as the Albanese government attempts to tackle the nation's housing affordability crisis.
The shift could put homeownership within reach of potentially millions of Australians at a time when many are struggling under massive cost of living pressures and a chronic housing shortage. The two programs allow eligible buyers to purchase a home with as little as a five per cent deposit without paying lenders mortgage insurance.Labor's new rules will also open up the Family Home Guarantee to applicants beyond single natural or adoptive parents with dependents to include all legal guardians of children, such as aunts, uncles and grandparents.
In a statement announcing the changes, Housing Minister Julie Collins said the expansion of the three programs was about"moving to meet the times.""We know friends and family members are already teaming up to secure their own place to call home. The government says a total of 35,000 places are available every year under the First Home Guarantee, with 10,000 a year and 5,000 a year until June 2025 under the Regional First Home Buyer Guarantee and Family Home Guarantee respectively.
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