Federal Member for Eden Monaro Kristy McBain
“Having a safe and secure roof over your head is so important, which is why we’re expanding the eligibility criteria for the Home Guarantee Scheme from July 1 this year!”
Information sourced from National Housing Finance and Investment Corporation (NHFIC) regarding the FHG states that the new criteria are primarily focused on first-time homeowners earning under $125,000 yearly, primarily married couples, however, the criteria has been broadened to include singles, with family members and carers able to apply for joint-applications with a higher cap on earnings and criteria. While first-time owners are the highlighted issue, Australians who haven’t owned a home in the last decade, such as those who fell under during the previous financial crisis and moved into renting, will also be eligible.
“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 will also be expanded to non-first-home buyers who haven’t owned a property in Australia in the last ten years.”
In welcome news to families and those seeking places to live, the scheme is primarily focused to accommodate actual residents, with priorities and eligibility requiring the home buyers to be intending to be owner-occupiers of the purchased property”, as noted by the FHG official page. While this doesn’t necessarily lock out the concept of homes as a future investment or investment property, it does place priority on those who were previously locked out of the market, expanding to other carer and singles roles and providing more opportunities for the community.
For those living in Yass, Canberra, or surrounding regions, this means those that require work in metropolitan or central business districts but cannot afford the expensive prices present, in major cities such as Canberra have an avenue of living close to work, able to commute while still saving. For those who do not work in such areas and whose focus is more local, it means more homes for more people, in particular those who are younger and need a home of their own, rather than being dependent on rentals or family members. This comes at a time when government public housing faces shortages in properties and long waiting lists, thus expanding affordable, independent options.
Those hoping to apply for the First Home Buyers Guarantee must be an Australian citizen, and over eighteen years of age. A notice of assessment will be conducted by the Australian Tax Office. Those approved will be eligible to purchase an existing house, townhouse, or apartment, as well as land packages, land contracts, and off-the-plan apartments and townhouses.
Griffin Palen
