Home Guarantee Scheme changes from July 1, 2022.

by | May 10, 2022 | Blog | 0 comments

As the Easter eggs come off the shelves, some aspiring homeowners are shifting their focus from chocolate to securing a property during the busy Autumn buying season.

If you’ve been struggling to break into the property market, it’s worth looking into the government’s proposed $8.6 million expansion of the Home Guarantee Scheme, which if elected, aims to get people into the housing market sooner.

As announced in the federal budget by the Liberal Government, here’s what’s on offer:

  • Under the First Home Guarantee, from July 1, 2022, eligible first homebuyers can purchase a new or existing home with as little as 5 per cent deposit
  • A new Regional Home Guarantee would give eligible homebuyers, including non-first home buyers and permanent residents, the opportunity to purchase or construct a new home in regional areas with a deposit as low as 5% (subject to the passage of enabling legislation)
  • The Family Home Guarantee will be expanded from July 1, 2022 to help single parents with children to buy their first home, or to re-enter the housing market, with a deposit of as little as 2 per cent.

The schemes can only be used on homes under a certain price guide outlined by each state and territory government. To find out more about whether you could be eligible, speak to us.

The Labor government have confirmed they’ll also have the regional buying policy with only 5% needed if elected but have not yet stated what they’ll do for metro areas.

We’ll continue to provide updates on the latest information that comes from both political parties on the issues that affect your business as we get closer to the Election.

Meanwhile, property prices in Sydney and Melbourne fell last month, despite a modest national uptick in the monthly growth rate. Let’s take a look at what’s been happening in the property world.


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