By significantly enlarging the Home Guarantee Scheme’s eligibility requirements, the Albanese Labor Government will assist more Australians in becoming homeowners sooner.
As the government continues to address Australia’s housing difficulties, eligibility requirements for all program components—including the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee—will be expanded.
Friends, siblings, and other family members will be permitted to submit combined applications for the First Home Guarantee and the Regional First Home Buyer Guarantee beginning on July 1 of this year. Before now, only applicants who were single, married, or in a de facto relationship were eligible for these guarantees.
Additionally, non-first-time buyers who haven’t owned a home in Australia in the previous ten years will be eligible for the guarantees. This will assist people who have lost their homes, frequently due to a financial crisis or a failed relationship.
Minister Collins stated, “We know friends and family are already working together to secure their place to call home.”
“Our actions will make it possible for them to get essential assistance, just like couples have.”
The Family Home Guarantee will now be open to qualifying borrowers who are single legal guardians of children, such as aunts, uncles, grandparents, and single natural or adoptive parents with dependent children.
According to Minister Collins, “These are sensible changes that will help ensure more families have a safe and secure place to call home.”
The introduction of the new Regional First Home Buyer Guarantee by the Albanese Government and the expansion of the number of available spots from the previous year will be built upon by these modifications.
35,000 spaces are available under the First Home Guarantee, 10,000 places annually under the Regional First Home Buyer Guarantee, and 5,000 places annually under the Family Home Guarantee through June 30, 2025.
