Friends and family members looking to buy their first home together will be among many more Australians set to benefit from an expansion of three government housing schemes.
The first home guarantee and its regional and family home equivalents will have their criteria expanded from July 1, to help more Australians achieve home ownership.
The changes include altering the definition of a “couple” from meaning married or de facto relationships to “any two eligible individuals”.
This opens up the criteria to include siblings, a parent and child, or two friends.
People who have previously owned a home will also be eligible, on the provision they haven’t owned one in the last 10 years, in a bid to help those who had fallen into financial hardship.
Under the schemes, the federal government acts as guarantor which allows people to buy a house with a deposit as low as five per cent, and avoid paying costly lender’s mortgage insurance.
Australian permanent residents will also be eligible for the schemes, rather than just citizens.
Housing Minister Julie Collins said the government was “moving to meet the times”.
“We know friends and family members are already teaming up to secure their own place to call home,” she said.
“Our actions will allow them to access vital assistance, just as couples have been able to previously.”
In total, 35,000 first homebuyer spots are available each year, with 10,000 for the regional first homebuyer guarantee, and 5000 for the family home guarantee.
© AAP 2023
