There's no doubt that with increasing interest rates it’s becoming more difficult for first home buyers to get into the market. However, that has potentially been made easier come 1st July 2023 after the government announced changes to the Home Guarantee Scheme and its requirements.
First Home Guarantee Changes
Previously, the only applicants that were eligible for the First Home Guarantee were those that were married, in a de facto relationship or single. After 1st July the government is relaxing restrictions to include friends, siblings and other family members. This provides first home buyers with a great opportunity to get into the market where it may not have been there before.
The schemes will also now be available to non-first home buyers who haven’t owned a property in the past 10 years.
There will be 35,000 First Home Guarantee places made available come 1st July 2023.
More details to come…
Want to discuss this more? Reach out to myself on 0401 225 713 or lmckean@lbkprivatelending.com.au
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