Latest Changes to First Home Buyer Eligibility
Did you know there have been announcements made indicating a change to the First Home Buyers eligibility schemes?
As of April 2022, buyers were advised that they would pay only a 5% Deposit on Home Loans with the Government's First Home Guarantee Scheme. The 2022-2023 Federal Budget announced that, from 1 July 2022 – 30 June 2025, there would be 50,000 spots per year for eligible home buyers to take advantage of the First Home Guarantee and its expansions.
Of these 50,000 places:
35,000 would be allocated for the First Home Guarantee
5,000 would be allocated to the Family Home Guarantee, and
10,000 would be allocated to the Regional Home Guarantee
Recent announcements indicate the eligibility criteria has also changed from those who are married or in a de-facto relationship to "any two eligible individuals," effective from 1 July 2023.
What does this mean for buyers?
Ultimately, this means buyers may now be able to purchase a home with friends or family, with the potential use of a First Home Guarantee Grant. When purchasing, buyers may also be eligible for the First Home Buyers Stamp Duty Concession (for property purchases under $750,000).
Thank you to Rebecca Petroff from Sunstate Conveyancing for sharing this fantastic tip with us. For more information about these changes or your eligibility, contact the team at Sunstate Conveyancing.
