The expanded scheme would make 35,000 guarantees”up from 10,000″to first home buyers with deposits as low as 5 per cent; 10,000 guarantees for regional buyers to purchase or build a new home; and 5000 guaranteesto support single parents.
Family Home Guarantee
5,000 extra guarantees will be issued to expand the family home guarantee, from 1 July 2022 to 30 June 2025.
The single parent family housing scheme supports eligible single parents with children to buy their first home or to re-enter the housing market with a deposit of as little as 2 per cent.
Since its inception almost 60,000 Australians have been supported by Home Guarantee Schemes, with a focus on women and frontline workers.
The government said of total guarantees issued, 52 per cent went to women, well above the market average of 41 per cent women, while 85 per cent of Family Home Guarantees were taken up by single mums.
The schemes can only be used on homes under a certain price guide outlined by the government and a person is eligible if they earn no more than $125,000 a year and $200,000 for couples.
The home guarantee schemes will be available to people who are buying a home which is below the thresholds listed above, however, both government’s indicate a review in six months.
Opposition Leader Anthony Albanese, if elected into power at the upcoming federal election, has pitched a housing deposit scheme for regional Australians targetingfirst home buyers.
Under Labor’s proposed Regional First Home Buyer Support Scheme, there would be 10,000 places a year for families in regional areas and eligible buyers would be able to purchase a house with a deposit as low as5 per cent, without needing to pay lender’s mortgage insurance.
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Article by www.mortgagebusiness.com.au
