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.
The first home guarantee and its regional and family home equivalents will have their criteria expanded from 1 July.Australian permanent residents will also be eligible for the schemes.
Under the schemes, the federal government acts as guarantor which allows people to buy a house with a deposit as low as 5 per cent, and avoid paying costly lender's mortgage insurance.The changes include altering the definition of a "couple" from meaning married or de facto relationships to "any two eligible individuals".Housing Minister Julie Collins said the schemes needed to "move with the times".
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.In total, 35,000 first homebuyer spots are available each year, with 10,000 for the regional first homebuyer guarantee, and 5,000 for the family home guarantee.
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