#BreakingNews #LaxmiHomeLoans

From 1st of July 2023:

• 5% deposit NO LMI for both Australian PR and citizen (before it was for only citizen)
• Before single or only couple (de-facto or married couple could join) But now siblings and friends could join too.
• Before only First home buyers were eligible but now someone who has not own a property from last 10 years is also eligible
• Before the earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office) But now income threshold yet to release, ( note: we, #LaxmiHomeLoans could not find it )

In details from The Hon Julie Collins MP: (Media Releases 30/4/23)

Eligibility criteria for all elements of the scheme – including the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee – will be expanded as the Government continues to address Australia’s housing challenges.

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From 1 July this year, friends, siblings, and other family members will be eligible for joint applications under the First Home Guarantee and the Regional First Home 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 Home 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 Home Buyer Guarantee.

In total, 35,000 places are available per year across the First Home Guarantee, 10,000 places per year to 30 June 2025 under the Regional First Home Buyer Guarantee, and 5,000 places per year to 30 June 2025 under the Family Home Guarantee.

Inbox us if you have any questions