Home ownership will soon be in closer reach for millions more Australians as the federal government expands eligibility for its Home Guarantee Scheme (HGS), in a bid to tackle the housing crisis.
Under one of the changes friends and family will be allowed to team up to buy a first home as the definition of the word “couple” will be changed from those who are married, or in de-facto relationship, to “any two eligible individuals” from July 1.
Federal Housing Minister Julie Collins has told Weekend Today the eligibility expansion is about “moving with the times”.
Under the scheme the federal government acts as a guarantor making up the majority of a loan for prospective buyers,
Lenders Mortgage Insurance (LMI) is also waived.
