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.<\/p>\n
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.<\/p>\n
The changes include altering the definition of a “couple” from meaning married or de facto relationships to “any two eligible individuals”.<\/p>\n
This opens up the criteria to include siblings, a parent and child, or two friends.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Australian permanent residents will also be eligible for the schemes, rather than just citizens.<\/p>\n
Federal housing minister Julie Collins said the Government was “moving to meet the times”.<\/p>\n
“We know friends and family members are already teaming up to secure their own place to call home,” she said.<\/p>\n
“Our actions will allow them to access vital assistance, just as couples have been able to previously.”<\/p>\n
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.<\/p>\n