Housing measures announced for affordability and ownership

A number of housing measures have been introduced in the 2023 Federal Budget to support social and affordable housing and to improve access for home buyers.

These measures aim to combat the current social housing affordability difficulties that buyers face and provide easier access to home ownership.

Eligibility expansion for Home Guarantee Scheme

• First Home Guarantee and the Regional First Home Buyer Guarantee - As part of this measure, friends, siblings, and other family members will be eligible for joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee.

• Family Home Guarantee - Eligibility for the Family Home Guarantee will be expanded from single natural or adoptive parents with dependents to include eligible borrowers who are single legal guardians of children, such as aunts, uncles and grandparents.

All 3 guarantees will also become available to eligible borrowers who are Australian Permanent Residents, in addition to Australian citizens.

The Home Guarantees Scheme will also be extended to non-first home buyers who have not owned a property in Australia in the last 10 years.

Increased resources to support social and affordable housing

The federal government will also devote significant additional resources in response to the increase in potential home buyers that will become eligible for Home Guarantee Scheme.

Increased resource allocation will also ensure that a minimum of 1,200 homes will be delivered in each state and territory within 5 years of the Housing Australia Future Fund commencing operation.

Tell us your plans

If you are planning to enter the housing market, the expanded eligibility for Home Guarantee Scheme means friends and families can now come together to purchase a home. A large number of potential home owners who could not do so based on the current eligibility criteria will be able to access home ownership.

If you have previously purchased a first home but fell out of the property market due to the global financial crisis or for other personal reasons, you may be eligible to take advantage of this measure. If you have not been the owner of a dwelling in the last 10 years, please call us and we will run through your eligibility.

Please feel free to contact our office if you would like more information on the newly announced housing affordability measures.