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Home Guarantee Scheme extensions 🎉

The Home Guarantee Scheme has been expanded with some significant changes which will benefit more potential home buyers. Some of these changes are very exciting and handy.


The Home Guarantee Scheme offers a government backed loan allowing you to buy a home with reduced deposit and no lenders mortgage insurance. This effectively launches you into your home much faster with a reduced savings hurdle.


From 1 July 2023 the following changes will be made:

The scheme will be expanded to include people who are buying a home and are not necessarily first home buyers - but have not owned property in 10 years. This supports many people returning to the market after "life events" such as separation which might have forced them to sell their previous home.

It also now includes first home buyers who are permanent residents removing the current restriction allowing only citizens to purchase.

And will allow friends and family to purchase together - previously it only allowed singles and official couples

Additionally the family home guarantee has been extended to many more people who are caring for children who are in their care but not their biological children - such as foster or situations where family is caring for relatives.


The scheme means you need to have a minimal deposit saved (2%-5% minimum depending on the scheme) plus "enough" to complete the purchase - which means enough money to pay for stamp duty (if you aren't exempt), and legal fees etc.


The places are still limited to 35,000 overall including the regional home guarantee scheme so there will be more pressure on places but still a great expansion.




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