Attention, first home buyers in Mackay! The federal government has recently announced changes to the Home Guarantee Scheme that may make purchasing your first home more accessible. The new changes aim to address Australia’s housing affordability crisis by broadening eligibility criteria for the First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee.
Perhaps the most significant change is the broadening of the definition of “couple.” Previously, only married or de-facto couples were eligible for the scheme, but from July 1, any two eligible individuals, including friends and family members, can team up and purchase a home together. This change may make homeownership more attainable for potentially millions of Australians who are struggling under the high cost of living and a shortage of affordable housing.
The proposed changes will also make the First Home Guarantee and Regional First Home Buyer Guarantee available to those who have not owned a property in the past ten years. This move aims to assist those who have lost their homes due to financial crises or relationship breakdowns.
Under these programs, eligible buyers can purchase a home with as little as a five percent deposit without having to pay lenders mortgage insurance. The government will act as a guarantor on up to 15 percent of the loan taken out to purchase the property.
Furthermore, Labor’s new rules will open up the Family Home Guarantee to applicants beyond single natural or adoptive parents with dependents. Legal guardians of children, such as aunts, uncles, and grandparents, can now apply for this scheme. Under this program, the government will act as a guarantor on up to 18 percent of the loan, enabling buyers to make a purchase with a deposit as low as two percent without having to pay lenders mortgage insurance.
If you’re a first home buyer in Mackay these changes may be worth considering. With the new rules, you may be eligible for government support when purchasing a new property. This opportunity may be what you need to step onto the property ladder and make your first home a reality.
See our First Home Buyer Packages in the following Estates: Plantation Palms, Kerrisdale Estate, Pioneer Lakes 👍
