The Federal Government has announced a further 50,000 places under the Home Guarantee Scheme.
Brokers play a crucial role in helping first-time home buyers understand and access the Home Guarantee Scheme.
The new places are available through to 30 June 2025 for the following:
- 35,000 places for the First Home Guarantee
- 10,000 places for the Regional First Home Guarantee
- 5,000 places for the Family Home Guarantee.
Applications to access a place under Home Guarantee Scheme can only be made with a participating lender and eligibility criteria must be met including:
- be an Australian citizen(s) or permanent resident(s)* at the time of entering the loan
- be at least 18 years of age
- intend to be owner-occupiers of the purchased property.
Each Guarantee also has other specific eligibility criteria that must be met.
On 1 July 2023, the Government also expanded the eligibility criteria for the Scheme:
- A joint application is no longer restricted to married or de-facto couples, a joint applicant can now be a friend, sibling or other family member.
- The Regional First Home Buyer Guarantee now includes an exemption to the requirement to live in the region or adjacent region for the preceding 12-month period, which may apply to some employees required by their current employer to relocate. An exemption was previously only available to Australian Defence Force members.
- The Family Home Guarantee is now available to eligible single legal guardians of at least one dependent in addition to eligible single or adoptive parents.
For more information on the Home Guarantee Scheme visit the Housing Australia website.
