The Albanese Labor Government will help more Australians into home ownership sooner through a significant expansion of criteria for the ³Ô¹ÏÍøÕ¾ Guarantee Scheme.
Eligibility criteria for all elements of the scheme – including the First ³Ô¹ÏÍøÕ¾ Guarantee, the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee, and the Family ³Ô¹ÏÍøÕ¾ Guarantee – will be expanded as the Government continues to address Australia’s housing challenges.
From 1 July this year, friends, siblings, and other family members will be eligible for joint applications under the First ³Ô¹ÏÍøÕ¾ Guarantee and the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee. These guarantees had previously been restricted to people that were married or in a de‑facto relationship, in addition to single applicants.
The guarantees will also be expanded to non‑first home buyers who haven’t owned a property in Australia in the last ten years. This will support those who have fallen out of homeownership, often due to financial crisis or relationship breakdown.
Minister for Housing Julie Collins said households have changed, and the Albanese Government is moving to meet the times.
“We know friends and family members are already teaming up to secure their own place to call home,” Minister Collins said.
“Our actions will allow them to access vital assistance, just as couples have been able to previously.”
Eligibility will also change for the Family ³Ô¹ÏÍøÕ¾ Guarantee, expanding it from single natural or adoptive parents with dependents to eligible borrowers who are single legal guardians of children such as aunts, uncles and grandparents.
“These are sensible changes that will help ensure more families have a safe and secure place to call home,” Minister Collins said.
All three guarantees will also become available to eligible borrowers who are Australian Permanent Residents, in addition to Australian citizens.
These changes will build on last year’s increase in the number of places available and the establishment of Albanese Government’s new Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee.
In total, 35,000 places are available per year across the First ³Ô¹ÏÍøÕ¾ Guarantee, 10,000 places per year to 30 June 2025 under the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee, and 5,000 places per year to 30 June 2025 under the Family ³Ô¹ÏÍøÕ¾ Guarantee.
