Important update on the Home Guarantee Scheme FY24

As we approached the new financial year there is a new release of Home Guarantee Scheme (HGS or Scheme) places on 1 July 2023.

The HGS includes the First Home Guarantee, Family Home Guarantee and the Regional First Home Buyer Guarantee.

Nothing has changed for customers who meet the existing eligibility criteria.

Banks are in the process of upgrading their systems to be able to accept applications based on the expanded FY24 eligibility criteria. This is anticipated to be completed by late July and they will then be able to accept applications which fit the expanded FY24 eligibility criteria.

FY24 EXPANDED ELIGIBILITY

All Schemes: Permanent residents will be eligible for the First Home Buyer, Family Home and Regional First Home Buyer Guarantees.

First Home and Regional First Home Buyer Guarantee:

  • The schemes will be eligible for Non-First Home Buyers who haven't owned a property in the last 10 years.
  • Friends, siblings, and other family members will also be eligible for joint applications.

Family Home Guarantee:

This will apply for eligible legal guardians under the expanded eligibility criteria. This means single legal guardians will be able to apply under the Family Home Guarantee ensuring they have an eligible dependent under their care. Single aunts, uncles or grandparents are some examples.

If you meet any of these new criteria items and would love to own a home. Give us a call and lets see what we can do to make this happen for you!

Home Loans
Written by Chloe Boswell
29 June, 2023
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