The Australian government’s Home Guarantee Scheme, aimed at helping first-time homebuyers, is set to become more accessible to Aussies in the new financial year. The Albanese government has announced a series of changes to eligibility criteria that will enable more people to participate in the different guarantee schemes.
The Home Guarantee Scheme is made up of three elements: the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee. The new changes will open up all three elements of the scheme to a wider range of Aussies, as the government seeks to tackle the housing affordability crisis affecting many Aussies.
One of the main changes is an expansion that will allow permanent residents to access the guarantee schemes, giving them an opportunity to enter the property market. Additionally, broadened eligibility criteria for joint applications will make it easier for couples to enter the market, while the Family Home Guarantee will now be more accessible to single parents.
The scheme will also be open to those who have previously owned properties, giving them a second chance to enter the property market. This change could benefit many Aussies who may have previously owned a property but were unable to re-enter the market due to rising house prices.
Navigating these changes to the Home Guarantee Scheme can be complex, which is where the Clark Finance team comes in. Our team of experts can help guide you through the latest changes and ensure that you are taking advantage of all the opportunities available to you. Contact us today to learn more about how we can assist you in achieving your dream of owning a home.