From 1 July 2023, access to the Government\u2019s Home Guarantee Scheme<\/a> (HGS) will be expanded to make it more accessible to more people.<\/p>\n\n\n\n

The scheme is part of the Australian Governments<\/a> initiative to support eligible home buyers to buy a home sooner by guaranteeing part of a first home owner<\/a>\u2019s home loan. The scheme makes it possible for eligible first home buyers to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance. Guarantees are capped at 15% of the value of the property.<\/p>\n\n\n\n

The eligibility criteria for access to the First Home Guarantee Scheme<\/a> and Regional First Home Buyers Scheme will be expanded. From 1 July 2023, the schemes will no longer be limited to individuals and couples who are married or in de facto relationships, but will also include eligible friends, siblings, and other family members for joint applications.<\/p>\n\n\n\n

The HGS has now been expanded to include joint applications from \u201cfriends, siblings, and other family members\u201d and to those who have not owned a home for at least 10 years.<\/p>\n\n\n\n

In addition, the requirement for the applicants to be Australian citizens at the time they enter the loan has been extended to include permanent residents.<\/p>\n\n\n\n

The National Housing Finance and Investment Corporation (NHFIC) administers the scheme and has approved 32 participating lenders<\/a> to offer the HGS to home buyers. Under the scheme part of the home buyers loan is guaranteed by NHFIC.<\/p>\n\n\n\n

Thirty five thousand places are available for the First Home Guarantee Scheme each financial year. From 1 October 2022 there will be ten thousand places available each financial year until 30 June 2025 for the Regional First Home Buyers Scheme.<\/p>\n\n\n\n

Eligibility to the Family Home Guarantee will also be extended. From 1 July 2025, the scheme will no longer be restricted to single parents with at least one dependant natural or adopted child, but will also be available to borrowers who are single legal guardians of dependent children such as aunts, uncles and grandparents.<\/p>\n\n\n\n

The Family Home Guarantee guarantees the home loan of an eligible single parent with at least one dependent child enabling them to purchase a home with as little as 2% deposit without paying Lenders Mortgage Insurance. The guarantee is capped at 15% of the value of the property. Five thousand places are available to the scheme each year to 30 June 2025.<\/p>\n\n\n\n

Contact our property lawyers and conveyancers<\/a> to discuss your eligibility to access the scheme and how we can help you purchase your first property sooner.<\/p>\n","protected":false},"excerpt":{"rendered":"

From 1 July 2023 it will be easier to access the Home Guarantee Scheme with friends and family now able to join applications<\/p>\n","protected":false},"author":2,"featured_media":5974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"featured_image_src_large":["https:\/\/zahrpartners.com.au\/zahr\/wp-content\/uploads\/2023\/05\/eInsights-update-to-HGS-1024x385.jpg",1024,385,true],"author_info":{"display_name":"Tiani Rubal","author_link":"https:\/\/zahrpartners.com.au\/zahr\/author\/tiani\/"},"comment_info":0,"category_info":[{"term_id":1,"name":"Uncategorized","slug":"uncategorized","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":43,"filter":"raw","cat_ID":1,"category_count":43,"category_description":"","cat_name":"Uncategorized","category_nicename":"uncategorized","category_parent":0}],"tag_info":false,"taxonomy_info":{"category":[{"value":1,"label":"Uncategorized"}]},"_links":{"self":[{"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/posts\/5972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/comments?post=5972"}],"version-history":[{"count":5,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/posts\/5972\/revisions"}],"predecessor-version":[{"id":6163,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/posts\/5972\/revisions\/6163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/media\/5974"}],"wp:attachment":[{"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/media?parent=5972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/categories?post=5972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zahrpartners.com.au\/zahr\/wp-json\/wp\/v2\/tags?post=5972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}