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Expanded eligibility for Home Guarantee Scheme - What you need to know

The Federal Budget for 2023-24 announced changes to the Home Guarantee Scheme that will enable buyers with low deposits to enter the housing market with a lower deposit. Now is a good time to reach out to your lawyers in Bankstown to learn more.

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Expanded eligibility for Home Guarantee Scheme - What you need to know

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  1. Expanded eligibility for Home Guarantee Scheme - What you need to know The Federal Budget for 2023-24 announced changes to the Home Guarantee Scheme that will enable buyers with low deposits to enter the housing market with a lower deposit. Now is a good time to reach out to your lawyers in Bankstown to learn more. This scheme contains three components: a program for first-time homebuyers, a program for regional first-time homebuyers, and a program for family homebuyers. With a 5% down payment, the Federal Government guarantees the home loans of qualifying homebuyers, allowing them to buy a new or existing home without paying Lenders Mortgage Insurance. 15% of the deposit is guaranteed by the government. A Family Home Guarantee only requires families to save 2% of the purchase price, with the government covering the remaining 18% - significantly reducing the amount they need to save. Approximately 35,000 places are offered each year under the scheme, which is subject to a variety of terms and conditions, including strict eligibility requirements.

  2. Program eligibility has been expanded. To address the housing affordability crisis in Australia, the government has announced that eligibility criteria for the First Home Guarantee, Regional First Home Guarantee, and Family Home Guarantee will be extended. If you’re unsure about the impact that this will have on you, you should talk to your lawyers in Bankstown. The future will not require couples to be married or de facto to be considered a couple. It is now possible for a permanent resident to purchase any of the Guarantees, whereas previously at least one purchaser had to be an Australian. The eligibility requirements have changed in several major ways, including: Those who haven't owned a property for ten years will be eligible for a new scheme designed for non-first home buyers. Some people have been prevented from becoming homeowners because of financial hardship or relationship difficulties. They will be able to benefit from this. From July 2023, friends, siblings, and other family members will be able to apply for the First Home Guarantee and Regional First Home Guarantee. Those who are single legal guardians of children are also eligible for the Family Home Guarantee. The Scheme can be found at https://www.nhfic.gov.au/support-buy- home.

  3. Your broker or lender participating in the scheme can assist you with the application process. Lenders participating in the program are listed below. The National Housing Finance and Investment Corporation (NHFIC) provides an eligibility checker to determine whether you may be eligible for assistance through its Home Guarantee Scheme. Your lawyers in Bankstown can also help walk you through determining eligibility. Source : www.colindaleyquinns.wixsite.com

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