The Federal Government has officially announced the changes to Home Guarantee Scheme as part of the Budget 2023-24, allowing more homebuyers to qualify for the programs that would allow them to enter the housing market with a low deposit.
Here are the changes to the Home Guarantee Scheme and other policies announced affecting homebuyers and homeowners:
Home Guarantee Scheme
First Home Guarantee and Regional First Home Buyer Guarantee
- Joint applications for friends, siblings, and other family members will be allowed starting July 2023.
- Buyers who have previously owned a home may be allowed to apply as long as their last ownership was at least 10 years ago.
Family Home Guarantee
- Eligibility will be extended to include single legal guardians of children such as aunts, uncles, and grandparents.
Also read: What Federal Budget 2023-24 has for property investors
Helping Australians save on energy bills
The government will be rolling out initiatives to help households access energy savings and upgrades through the Energy Savings Package.
- Establishment of Household Energy Upgrades Fund - This will provide $1bn to the Clean Energy Finance Corporation (CEFC) to turbocharge financing options for household energy upgrades. Partnering with banks and lenders, this will help 110,000 households lower their energy bills.
- An additional $300m will be added to the Household Energy Upgrades Fund to support upgrades to social housing, cofounded and co‑designed with the states and territories. This is expected to lower the energy consumption of more than 60,000 social housing properties.
- Roughly $36.7m will be allocated to expand and upgrade the Nationwide House Energy Rating Scheme to apply to existing homes. This investment means people will be able to seek a home energy rating, so Australians can make the best choices for their hip pocket when it comes to energy upgrades and renting and purchasing homes.
Energy bill relief
The government is partnering with state and territory governments to deliver up to $3bn of electricity bill relief for eligible households, who can save up to $500 savings from July 2023.
One million homes from 2024
The government will be working with state and territories, the Australian Local Government Association, investors and the construction sector through the National Housing Accord in the shared ambition to boost supply and build one million new homes from 2024.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender Home Loan Interest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option Tags Features Link Compare Promoted Product Disclosure
4.6 STAR CUSTOMER RATINGS
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