CHECKING ELIGIBILITY for Schemes?

Family Home Guarantee (FHG – For eligible single parents or legal guardians): 

• Family Home Guarantee Eligibility Criteria https://www.housingaustralia.gov.au/support-buy-home/eligibility-tool
• Family Home Guarantee Property Price Threshold https://www.housingaustralia.gov.au/support-buy-home/property-price-caps

Regional First Home Buyer Guarantee (RFHBG – For applicants living and purchasing in eligible Regional areas)

• Regional First Home Buyer Guarantee Eligibility Criteria:
• https://www.housingaustralia.gov.au/support-buy-home/eligibility-tool
• Regional First Home Buyer Guarantee Property Price Threshold:
• https://www.housingaustralia.gov.au/support-buy-home/property-price-caps
• Regional First Home Buyer Guarantee:
• https://www.housingaustralia.gov.au/support-buy-home/regional-checker

Important:

• The Australian Government require applicant(s) to apply for the relevant scheme they are eligible for utilising a ‘waterfall’ approach; i.e
  • where a borrower(s) is/are eligible for the RFHBG and/or Family Home Guarantee (FHG), they are not eligible under the First Home Buyer Guarantee (FHBG)
  • where a borrower is eligible for both the RFHBG and FHG, the participating lender may determine the Guarantee to be applied
• In the event it is found that a borrower(s) were eligible for the RFHBG or FHG, and a FHBG Guarantee was issued, this will impact the validity of the FHBG Guarantee.

Remember

• The FY24 Family Home Guarantee only supports eligible single parents or legal guardians with dependants to
  • Purchase an existing home or 
  • Build a new home.
• The Regional First Home Buyer Guarantee requires applicant(s) to have lived in a regional or adjacent regional area for the preceding 12 months (if joint, then at least one applicant needs to fulfil this criteria) and will enable them to purchase a property within their current or adjoining regional areas.